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Arab-Turkish joint venture to buy luxury hotel in Greece

  • Published by Vedat
Jermyn Street Real Estate Fund, which includes investors from Saudi Arabia, Kuwait and Turkey's Doğuş group, submitted the highest of three bids to buy a luxury seaside hotel in Athens, Greece.

astir-palaceAccording to the Greek privatization agency HRADF, the joint venture spends 400 million euros ($550 million). The sale of the Astir Palace is part of debt-laden Greece's privatization plan to pay down debt and clean up the balance sheets of its bailed-out banks. National Bank, Greece's biggest lender, will get 300 million euros of the purchase price with the remaining 100 million going to the government.

Turkey’s Doğuş Group also interested in buying four marinas in Grece that the Greek government is selling as part of a nationwide sale. Doğuş earlier in 2013 expanded business to the Adriatic and has purchased a 7 percent stake in Adriatic Croatia International, the largest marina chain in the Adriatic Sea.
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