Greek Gov’t Approves Luxury ‘Voula Project’ Investment

Photo source: Hines

The Greek government recently gave the green light to a strategic investment worth 135.9 million euros that will take place over the next four years in the affluent residential suburb of Voula, south of Athens’ historical city center.

Dubbed the “Voula Project”, the investment includes the development of 250 to 350 luxury residential units with shared amenities, private gardens, pools, underground parking lots and security, on a 71,000-square-meter site in the area Exohi in Voula.

The investment will be carried out by VHPH Properties, a consortium of Hines and Henderson Park, and is expected to be delivered in three phases over the next four years.

The acquirement of the 71,000-square-meter site in Voula is the third Greek joint venture between Henderson Park and Hines, having previously acquired the five-star Grand Hyatt hotel in Athens and a portfolio of resort hotels on the island of Crete together.

The Voula Project was one of the four projects approved last week by the inter-ministerial committee for strategic investments known as DESE and chaired by Greek Development and Investments Minister Adonis Georgiadis.

Minister: Investment interest for Greece remains high

Greek Development & Investments Minister Adonis Georgiadis.

“A series of important investments in the fields of energy, real estate and tourism, totaling approximately 761,350,000 euros, have been approved, proving that the investment interest for Greece remains high,” Minister Georgiadis said.

The other three projects that were approved by the DESE committee include:

– the development of a 700 MW photovoltaic park in the areas of Skopia and Kallithea in Farsala, under a budget of 350 million euros;
– the development, construction and management of 56 photovoltaic stations in Kilkis and Larissa by the Karatzis group, an investment of over 180 million euros; and
– a 52-million-euro strategic tourism investment of Elivi Hotels that sees the construction of a luxury resort on the popular island of Skiathos to be completed in four years’ time.