Greek shipowner George Prokopiou has reached an agreement to purchase 100% of Astir Palace S.A. from the shareholders of Jermyn Street Real Estate Fund, according to sources at OT.
Prokopiou had already acquired 33% of Astir Palace S.A. from Turkish Dogus Group for an amount ranging between €150 million and €200 million. Market sources indicate that he is now offering approximately €700 million to acquire the remaining 77% from Jermyn Street, exercising his right to purchase the full ownership of the hotel complex.
Background on the Ownership of Astir
Astir Palace was put up for a tender and was acquired by Jermyn Street Real Estate Fund IV LP in October 2016 in a transaction that valued Astir’s equity at €444 million.
Jermyn Street, advised by London-based AGC Equity Partners, is an investment fund whose investors include two sovereign wealth funds from Abu Dhabi and Kuwait, other Arab investors, and the Turkish Dogus Group.
At the time of acquisition in 2016, the investment consortium, which included Arab funds from Abu Dhabi, Dubai, Kuwait, and other emirates under AGC Equity Partners, as well as Turkish businessman Ferit Şahenk of Dogus Group, paid €393.1 million for an 88.5% stake in Astir Palace Vouliagmeni S.A.
Astir Palace Vouliagmeni S.A. is a luxury hotel complex comprised of hotels, villas, beaches and a marina, and is widely considered the most luxurious property located on the Athens Riviera, with a history spanning over 50 years. Following the acquisition by Jermyn street the company underwent a significant redevelopment of its portfolio, including:
- The reopening of the hotel as the Four Seasons Astir Palace Hotel Athens
- The upgrade of Astir Marina and Astir Beach
- The development of up to 13 high-end villas
- The creation of Peninsula Park
