Greece’s Coveted Astir Palace Project Gets Green Light, Ready for Take-off

The Greek Council of State has approved amended plans for the sale of the historic coastal resort Astir Palace to consortium Jermyn Street Real Estate Fund IV LP with the project ready for take-off four years later.

The transaction is set to be finalized this week with the project estimated at taking 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 – will dish out 400 million euros for Astir Pallas, located in the southern Athens suburb of Vouliagmeni. The investor had submitted the highest bid for a 90 percent stake in Astir Palace in February 2014.