Nearly three months after buying one-third of one of the best-known hotel resorts in Athens, Greek shipping and property tycoon George Procopiou lined up a second deal to scoop up all remaining shares.
The founder of Dynacom Tankers Management, Sea Traders and Dynagas Holdings is gaining full ownership of the seaside Astir Palace Vouliagmeni complex, according to several Greek media reports.
Procopiou bought a 33.75% stake in the iconic resort in November for €150m ($158m), as TradeWinds reported.
The Greek shipowner has now reportedly agreed to acquire the rest by buying out Dubai-based Jermyn Street Real Estate Fund at an undisclosed price.
A popular venue for high-profile shipping events, conferences and parties, Astir Palace includes facilities such as the Four Seasons Astir Palace Hotel Athens, Astir Marina and Astir Beach.
The resort was privatised during Greece’s debt crisis in 2016 when it passed under the control of Jermyn Street. The privatisation deal had valued Astir Palace at €444m at the time.
The resort has undergone major renovations since and has already returned capital to its shareholders.
Procopiou, who has already invested more than $6bn in over 80 tankers, bulker and gas carrier newbuildings over the past two years, announced in September that he would pump about €500m into Ellinikon — another big seaside real-estate project at the site of the old Athens airport.
The Procopiou clan, which has a long history in real estate, plans to develop residential homes, office buildings and an educational facility on the former state-owned plots.
Procopiou’s moves are part of a wave of Greek shipowner investments in their country’s onshore economy as its financial situation improves.(Copyright)
