Another deal for a Greek resort signed and sealed

Another deal for a Greek resort signed and sealed

Athens, December 29, 2015/Independent Balkan News Agency

By Olga Mavrou

Three ministries signed for a “fast track” investment in Argolida of Greece, in the area of Hermione, for a tourist resort with hotels of 300 beds, golf course and 350 luxurious habitats. The resort will be build by Mind Compass Overseas Ltd, subsidiary of the Dolphin Capital Investors (DCI) and will probably be named Kilada Hills. The decision became final as soon as the Greek Council of State (the Supreme Administrative Court of Greece) gave its approval.

The project will cost approximately 420 million euros. One of the main stockholders of  Dolphin Capital Investors, is the American investment fund Third Point LLC, while among the big stockholders are also Asset Value Investors Ltd and Fortress Investment Group.

Also final  is considered the agreement (a deal of 400 million euros) for the Asteras resort on Kavouri small peninsula of Vouliagmeni, in Attica (around 20 km from the centre of Athens, and among the best resorts in the Mediterranean). The first deal of 2013 was rejected by the Council of State because the investors wanted to build permanent residents that altered the use of land as this is dictated by Greek environmental laws. Now the investors agreed to file another proposal, in accordance with the relevant law.

Asteras resort will be “remodelled” by Jermyn Street Real Estate Fund which is led by AGC Equity Partners with the participation of two state funds, from Abu Dhabi and Kuwait, along with Turkey’s Dogus Group.