Arab-turkish fund buys greek luxury resort

An Arab-Turkish fund has bought a Greek luxury resort for €400 million. The deal saw Jermy Street Real Estate Fund, which represents investors from Turkey, Abu Dhabi, Dubai, Kuwait and other Emirates, acquire Astir Palace, located just outside Athens, despite Greece's top administrative court earlier blocking the sale of the resort last year, as the development of residential buildings in the area were ruled to harm the natural environment.

"Jermyn Street Real Estate Fund has signed the new agreement to submit the amended special zoning and spatial plan for the development of Astir Palace," the Hellenic Republic Asset Development Fund (HRADF) confirmed this month.

Zawya