The Arab-Turkish fund Jermyn Street Real Estate has acquired the Asit Palace Resort in Greece for €400m. It bought the luxury complex from the National Bank of Greece and Greece’s privatization fund TAIPED.
Greece’s top administrative court had blocked the deal in March, saying the town planning scheme was illegal as the construction of such a large number of residential buildings would harm the natural and urban environment. Jermyn Street won a tender for the investment in February 2014. TAIPED’s chief Stergios Pitsiorlas said an agreement had been reached reducing the volume of development to be carried out under the project.
The complex includes the abandoned Aphroditi hotel, the Arion Palace and Nafsika-Westin hotels as well as residential projects and a marina.
