Greek Council of State has approved amended plans for the sale of the popular Athenian coastal resort – Astir Palace- to consortium Jermyn Street Real Estate Fund IV LP.
The project is ready to commence, with the transaction set to be finalised this week and renovations estimated to take approximately two years to complete.
Changes to the agreement include an amended and ‘milder’ special zoning plan for the 304,429m2 property and provisions for the operation of two six-star hotel units, 13 independent luxury residences, tourist facilities, restaurants, bars, snack bars, restaurants, shops, marina, cultural and sports as well as conference facilities.
The new owners, Jermyn Street Real Estate Fund IV LP – comprised of investors from Turkey, Abu Dhabi, Dubai, Kuwait – are reportedly spending 400 million euros on Astir, located in Vouliagmeni.
Investors had submitted the highest bid for a 90 percent stake in Astir Palace in February 2014.