BUSINESS

Deals reached for twin plot on Afandou, for 42 million

By Vangelis Mandravelis

State sell-off fund TAIPED announced pn Tuesday that it has reached a deal for the utilization of two adjoined plots at Afandou on Rhodes, amounting to 42.1 million euros.

The fund’s governing board met yesterday and voted in favor of conceding the northern plot, covering 1.36 square kilometers and includes a golf course, to M.A. Angeliades Inc, which offered 26.9 million euros. This is a construction firm based in Long Island in the USA and was founded in 1991 by Greek-American Merkourios Angeliades.

TAIPED also decided to concede the southern plot, covering 255,000 square meters, to T.N. Aegean Sun Investments Limited for 15.2 million euros. Aegean Sun Investments is the venture of Cypriot entrepreneur Nikolis Nikolaidis, who controls the Atlantica Hotels & Resorts group.

According to TAIPED, the combined investment in the two plots will exceed 300 million euros and will respect environment directives.

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