ECONOMY

Astir Palace names Jermyn Street as chosen bidder

Astir Palace Vouliagmeni SA announced on Friday that Jermyn Street Real Estate Fund IV LP is the chosen bidder for the 90 percent majority stake at an offer price of 400 million euros in the tender organized by the National Bank of Greece and the government regulator.

It added that a joint development will take place through the new investor, increasing the Astir Palace property by 300 acres.

Astir Palace will also proceed to a share capital increase to raise 51.7 million euros, with the issue of 17,222,516 shares.

[Reuters]