BUSINESS

Magnificent seven from US gearing up to invest in Greece

ILIAS BELLOS

The list includes Chicago-based Verano, with which Fragogiannis discussed how the program of medical cannabis could be developed in Greece, as the US company appears determined to invest in this country.

TAGS: Business, Property, Banking

Top officials from seven important US investment groups are preparing to visit Greece with the aim of developing business plans in their fields of activity in this country.

They comprise the first wave of investors following Prime Minister Kyriakos Mitsotakis and other cabinet members’ recent contacts in New York and Washington, which in turn came after US Secretary of Commerce Wilbur Ross’ visit to Athens and preparations by Deputy Foreign Minister Kostas Fragogiannis and Investment Minister Adonis Georgiadis.

At this stage, two investment entities in the real estate sector, a legal firm specializing in corporate restructuring, a funding corporation, a group investing in renewable energy sources, a major company in medical cannabis production and a group in the movie industry are set to arrive in Greece from the US with the intention of seeking out investment opportunities or promoting plans they have already drafted.

Renovo Financial, Cushman & Wakefield, Hinshaw & Culbertson LLP and Granite Creek Capital Partners are eyeing the areas of real estate or financing and restructuring in Greece. Senior officials from the firms recently met with Fragogiannis in Chicago. While Cushman & Wakefield has long been present in Greece with consultancy projects such as the sale of the Porto Carras complex in Halkidiki, all four companies discern opportunities in the Greek property and corporate landscape.

Of particular significance is the intention of Invenergy to invest in Greece. Fragogiannis met in Chicago on February 21 with the company’s founder and chief executive Michael Polsky and its board, with their next meeting to take place in Athens. Invenergy is one of the biggest private producers of electricity in North America and among the top six wind power producers in the US, and is targeting a series of investment opportunities in Greece.

The list also includes Chicago-based Verano, with which Fragogiannis discussed ways of developing Greece’s medical cannabis program, as the US company appears determined to invest in this country.

The most mature investment plan of all is that of Cinespace. The US movie company is seeking the right location for it to set up production studios in Greece, with the aim of its clients, which include Netflix, Amazon, Hulu, Disney/Fox and Apple, making some of their productions in this country.

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