Shipping and property tycoon George Procopiou has added to his string of big real estate and shipping investments with a €150m ($161m) move on one of the best-known hotel resorts in Athens.
The founder of Dynacom Tankers Management, Sea Traders and Dynagas Holdings has agreed to buy a 33.75% stake in the seaside Astir Palace Vouliagmeni complex.
A popular venue for high-profile shipping events, conferences and parties, Astir Palace includes facilities such as the Four Seasons Astir Palace Hotel Athens, Astir Marina and Astir Beach.
The resort was privatised during Greece’s debt crisis in 2016 when it passed under the control of Jermyn Street Real Estate Fund — a Turkish-Arab investment vehicle.
The privatisation deal with Dubai-based Jermyn Street and its London-based adviser, AGC Equity Partners, valued Astir Palace at €444m at the time.
The resort has undergone major renovations since and has already returned capital to its shareholders.
According to a report in Greek paper Kathimerini, Procopiou bought his 33.75% Astir Palace stake from Turkey’s Dogus Group.
Other current Astir shareholders include sovereign wealth funds from Abu Dhabi and Kuwait, along with additional Arab investors.
Procopiou, who has already invested more than $6bn in over 80 tanker, bulker and gas carrier newbuildings over the past two years, announced in September that he would pump about €500m into Ellinikon — another big seaside real-estate project at the site of the old Athens airport.
The Procopiou clan, which has a long history in real estate, plans to develop residential homes, office buildings and an educational facility on the former state-owned plots.
Procopiou’s moves are just part of a wave of Greek shipowner investments in their country’s onshore economy as its financial situation improves.
As TradeWinds already reported, the Latsis family agreed in October to buy a 10% stake in the company operating Greece’s busiest toll road.
In July, shipping partners Dimitris Bakos and George Kaimenakis wrested control of troubled lender Attica Bank, and, in June, ferry and tanker owner Marios Iliopoulos agreed to acquire AEK Athens football club.
