Greece’s privatization fund on Thursday announced a completion of a deal for the long-term leasing of the Kassiopi site, on the Ionian holiday island of Corfu.
Greece’s privatization fund on Thursday announced a completion of a deal for the long-term leasing of the Kassiopi site, on the Ionian holiday island of Corfu.
An agreement was signed by the Hellenic Republic Asset Development Fund (HRADF), as the privatization entity is officially known, and NCH Capital investment group.
HRADF executive director Lila Tsitsogiannopoulou and NCH CEO for Greece and the Balkans Andreas Santis signed a relevant transfer contract, whereby the property is transferred from the SPV company, which retains ownership of the Kassiopi estate.
According to a HRADF press release, the investment includes 23 million euros for acquisition of the leasehold; 2.3 million euros for an earn-out clause and roughly 75 million euros for development of the property. The total area of the island estate is 490,000 square meters, of which just more than 438,000 sq.m. is being transferred. The investor will have the right to develop/built on a gross area of roughly 35,000 sq.m.
“… Today we completed the privatization, which will launch a major tourism investment that may exceed 100 million euros, with new jobs creation, an upgrade of existing infrastructure and construction of new infrastructure, which encourages sustainable coastal tourism, ensuring environmental protection and highlights the natural beauty of the 450 acres that includes the specific project,” Tsitsogiannopoulou said.