The privatization deal concerning the plot at Kassiopi on Corfu was completed on Thursday, following the signing of the transaction between the management teams of Greek state privatization fund TAIPED and investor NCH Capital.
The plot’s privatization paves the way for a major tourism investment to take place in the area of Kassiopi that will create new jobs, upgrade existing infrastructure, encourage sustainable coastal tourism, ensure environmental protection and highlight the natural beauty of the 450 acres that the specific project includes.
The investment to be carried out by NCH Capital adds up to some 100 million euros that includes the 23 million euros for the acquisition of the leasehold, another 2.3 million euros for the possible participation of the fund in the future added value of the asset after six years and an estimated amount of 75 million euros for the development of the plot.
The total area of the plot at Kassiopi is 490,000 square meters in which the investor will have the right to develop mild tourism projects of about 36,000 square meters. More than 320,000 square meters will remain accessible to the public.
“This investment is expected to generate tourism, economic and social development in the Ionian Islands, enhancing the tourism product of the area”, TAIPED’s executive director, Lila Tsitsogiannopoulou, said.
NCH Capital is based in New York, USA, and has over $3.5 billion of capital under management, with funds across four asset classes: listed equity, real estate, agribusiness and private equity. It operates 21 investment funds.