Grivalia Properties Group is moving forward on its capital raising for the Grivalia Hospitality Fund, for which it is targeting a total of €100m.
The fund will target acquisitions of high-end hotels and resorts in Greece. According to George Chrysikos, managing director of Grivalia Properties Group, the main shareholders of the group (Fairfax, Fidelity, Wellington Management) have already committed to the capital to the fund.
He said the fund could exceed its €100m goal if outside investors proved willing to participate. Grivalia Properties Group itself has committed €25m of its own money to the venture. Grivalia Properties Group has worked during Greece’s economic crisis to acquire a total of €296m in assets around the country.
