Arab-Turkish Investors to Buy Astir Palace Hotel in Athens for $550 Mln

Arab-Turkish Investors to Buy Astir Palace Hotel in Athens for $550 Mln

Jermyn Street, an Arab-Turkish property fund, will  buy a luxury seaside hotel in Athens, Astir Palace, for 400 million euro ($550 million), Reuters reported, quoting the country's privatisation agency HRADF.
Of the total price that the fund will pay, 300 million euro will go to the National Bank and the government will get the remainder, Reuters said. The sale of the hotel is part of Greece's privatisation plan.
Jermyn Street Real Estate Fund includes investors from Saudi Arabia, Kuwait and Turkey's Dogus group.
Athens has raised about 2.6 billion euro in cash from privatisations since 2010. It aims to raise 24 billion euro by 2020.

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