George Procopiou, a Greek shipping tycoon with a long history in real estate, has added to his property exposure through a cooperation agreement with a part of the Latsis family.
According to a Greek stock exchange filing, the Procopiou clan has agreed a “wide-ranging strategic partnership” with Spiro Latsis-controlled firm Lamda Development to jointly develop residential, office and educational spaces.
The cooperation will be part of Ellinikon — one of Europe’s biggest real estate projects being developed by Lamda on the site of the former Athens airport in the city’s southern, seaside suburbs.
As part of the agreement, Procopiou family vehicle Zepko will acquire a 2% stake in Lamda Development worth €25.1m ($26.9m).
The over-the-counter transfer to Procopiou of about 3.5m in treasury shares will take place upon completion of the deal in July, Lamda said.
The Spiros Latsis side of the well-known Greek clan owns 43% of the company.
The Procopiou family has been investing in property for decades, even before George Procopiou and his brother Dimitris entered shipping in the 1970s.
Greek shipowners have been investing part of their maritime wealth in their country for centuries. The pace of their onshore investment depends on the ups and downs of their shipping fortunes and Greece’s political and economic stability.
Conditions for onshore investments at home have improved considerably after the end of the sovereign debt crisis after 2018.
Following that improvement, Procopiou has also invested in Hellenic Shipyards — a historic Greek yard better known as Skaramangas — which he is helping to revive.
Rising shipping fortunes over the past couple of years have encouraged more unconventional investments, such as football clubs.
TradeWinds reported last week how ferry and tanker owner Marios Iliopoulos agreed to acquire AEK Athens.
On 16 June, Evangelos Marinakis and his son Miltiadis finalised a deal to acquire a controlling stake in Rio Ave. The Portuguese club becomes the Marinakis family’s third football team after Olympiacos Piraeus and Nottingham Forest.
