BUSINESS

Afandou on Rhodes island is finally signed away

VANGELIS MANDRAVELIS

TAGS: Privatizations, Property

Following three tenders and countless bureaucratic procedures, state sell-off fund TAIPED finally took the decisive step for the utilization of the Afandou plot on the island of Rhodes.

The agreement signed on Wednesday with T.N. Aegean Sun Investments Ltd signals the transfer of the entire Afandou property to private investors.

After the northern part of the property (including the golf course) was signed away on June 7 to M.A. Angeliades Inc, T.N. Aegean Sun on Wednesday paid 15.2 million euros for the 269,000-square meter plot in which it intends to invest about 150 million euros. The company cooperates with tour operator Tui.

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