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Athens Macedonian News Agency: News in English, 16-12-29
CONTENTS
[01] HRADF announces completion of Kassiopi privatization
[01] HRADF announces completion of Kassiopi privatization
The Hellenic Republic Asset Development Fund on Thursday announced the
conclusion of a privatization of the Kassiopi area on the island of
Corfu with the signing of the transfer of the equity capital of "New
Corfu Property Investments SA", a special purpose vehicle set up by
HRADF for the exploitation of the property and the payment of a first
tranche worth 10 million euros.
The Board of Directors of the Hellenic Republic Asset Development Fund
(HRADF) had approved the binding financial offer by a joint venture by NCH
New Europe Property Fund II LP and NCH Balkan Fund LP. NCH Capital will
pay 23 million euros the right of use, while an additional 2.3 million
euros will be a possible participation of HRADF for a future increased
value of the property after six years through an earn-out clause. The
investment is expected to reach 75 million euros.
The total area of the property at Kassiopi, Corfu, is 490,000 square
meters, in which the investor will have the right to develop a gross
buildable area of about 36,000 square meters.
NCH Capital is based in New York, USA, and has over 3.5 billion US
dollars of capital under management, with funds across four asset classes:
listed equity, real estate, agribusiness and private equity. It operates
21 investment funds.
Evangelia Tsitsogiannopoulou, HRADF Director, said that the exploitation
of the "Hermit" region in Corfu will have significant benefits to
the local society and noted that the project was expected to create
touristic, economic and social developmet in the Ionian islands in
general, strengthening the region's tourism product and tourist arrivals.
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