Blue Kedros AEEAP, a member of the Eumorphidis Group, completed the sale of the property located at 21-25 Dimitrakopoulou and 22-22B Falirou streets in Koukaki, which is intended to operate as a four-star hotel, as announced at the company’s annual general meeting yesterday.
The buyer is Vivium Holding, a family investment group based in the United Arab Emirates, founded in 2017 by entrepreneur Elie Khouri.
The property, with a total area of 4,564 square meters, is expected to accommodate 113 rooms and receive a LEED Gold certification. Blue Kedros acquired it in 2018 for 1.5 million euros and invested approximately 2.5 million euros to restore the protected building and prepare the project. The total budget was estimated at 13 million euros, while the sale price was 18.6 million euros.
The transaction is part of Blue Kedros’s broader investment program, which has a portfolio of 38 properties worth approximately 120 million euros, with annual revenues reaching 14.6 million euros.
Vivium Holding, through its subsidiary Vivium Properties, is active in the development of luxury homes and tourist properties in Europe. In Greece, it already has a presence with hotels in Paros and investments in high-quality residences, aiming to further strengthen its footprint in the hospitality market.
It is recalled that Blue Kedros is the owner of the hotel in Koukaki, for which the demolition of the last two floors that were erected in violation of urban planning regulations is pending.
Meanwhile, Blue Kedros AEEAP approved at the General Assembly the distribution of a dividend of 0.0511 euro per share (total 2.17 million euros) from the 2024 profit.
Additionally, the General Assembly approved the election of a new Board of Directors for the Company, consisting of six (6) members, who will manage the Company for a five-year term, starting from the election and ending after five (5) years, automatically extended until the first Annual General Meeting of shareholders after the end of its term, which, however, cannot exceed six years. Of these, five members were proposed for re-election and one member is new.
Specifically, the General Assembly approved the election of:
1. Michael Eumorphidis of Dimitrios as Chairman – Non-executive member
2. David Ahar of Jacob as Vice-Chairman – Independent Non-Executive Member
3. Christos Bobolia of Nikolaos as Managing Director
4. Evangelia Palari of Panagiotis as executive member
5. Dimitrios Tryfon Theodorou as an Independent Non-Executive Member
6. Maria-Konstantina Líli-Kokkóri as an Independent Non-Executive Member
