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GreekReporter.comBusinessAstir Palace Sold to Arabic-Turkish Group

Astir Palace Sold to Arabic-Turkish Group

astir palace resortAstir Palace Resort in Greece was sold for 400 million euros to Saudi Arabian fund ACG, which is allied with the Turkish Dogus Group and four other Arab funds who combined forces in order to submit the highest bid in the HRADF competition that was completed on Monday afternoon.
The bid was submitted by an ACG subsidiary, the JERMYN STREET REAL ESTATE FUND, and it concerns 90 percent of the Astir Palace shares.
The HRADF announced yesterday that Jermyn Street Real Estate made the highest offer (EUR400mn) for the Astir Palace property (NBG controls 85.35% stake).
The BoDs of TAIPED and NBG will convene within the week to decide upon the finalization of the sale.
Jemyn is controlled by Arab AGC Equity Partners while Turkey’s Dogus also holds a 15% stake in the company.
Astir Palace will proceed with a share capital increase to which the HRADF will participate in kind, offering an adjacent property. Upon completion, Jermyn will control a 90% stake in Astir Palace (and will have to proceed with mandatory tender offer for the remaining stake).
NBG, whose stake will be reduced following the capital increase, values Astir at EUR200mn in its books and is expected to report a capital gain of EUR170mn.
The total transaction values Astir at EUR440mn.

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