Astir Palace Deal Expected to be Signed on Dec 30

The signing of the new agreement for the sale of the Astir Palace Resort to consortium Jermyn Street Real Estate by National Bank and Greek state privatization fund TAIPED is expected to take place on Wednesday, December 30, according to reports in the Greek media.

Jermyn Street Real Estate had submitted the highest bid at 400 million euros for a 90 percent stake in Astir Palace, located in the southern Athens suburb of Vouliagmeni.

The transaction for the sale of the historic coastal resort had been on the back-burner after the Council of State rejected terms of the deal last March that foresaw among others the construction of new houses on a section of the peninsula.

The updated proposal includes a “milder” zoning plan and fewer residential dwellings. The new owners’ plans include two 6-star hotels to replace the Arion and Westin units, 13 luxury villas and the upgrade of the marina.