Greek shipping magnate George Procopiou is consolidating his investment in Athens’ renowned Astir Palace Vouliagmeni resort.
After initially purchasing a significant stake, he is acquiring the remaining shares.
Just three months after acquiring a 33.75% stake for €150m ($158m), Procopiou, founder of Dynacom Tankers Management, Sea Traders, and Dynagas Holdings, has reportedly reached an agreement to buy out Dubai-based Jermyn Street Real Estate Fund, securing full ownership of the seaside complex. The price of this latest transaction remains undisclosed.
The Astir Palace, a popular venue for major shipping events, conferences, and social gatherings, encompasses the Four Seasons Astir Palace Hotel Athens, Astir Marina, and Astir Beach. It was privatized in 2016 during Greece’s financial crisis, with Jermyn Street taking control at a valuation of €444m. Since then, significant renovations have been completed, and the resort has generated returns for its investors.
This move reinforces Procopiou’s substantial investments in Greece’s onshore economy. In September, he announced a €500m investment in the Ellinikon project, a large-scale real estate development on the site of the former Athens airport, where his family plans to build residential, commercial, and educational facilities.
Procopiou’s diversification into Greek real estate aligns with a broader trend of Greek shipowners reinvesting in their homeland as the nation’s economic outlook improves. This follows his substantial $6bn+ investment in over 80 newbuild tankers, bulkers, and gas carriers in recent years.
Panic in Turkey as Major Tourism Industry Shifts Focus to Greece