Greece's state privatization fund has accepted a €23 mln bid from New York-based NCH Capital for the development of a resort on a 0.5 million m2 site in the Kassiopi area of Corfu.
Greece's state privatization fund has accepted a €23 mln bid from New York-based NCH Capital for the development of a resort on a 0.5 million m2 site in the Kassiopi area of Corfu.
Following an international bidding process, the Hellenic Republic Asset Development Fund (HRADF) said on Friday it has approved the binding financial offer by NCH Capital for the acquisition of the concession rights of the seaside property for a period of 99 years.
It is the first successful deal involving a large plot of state-owned real estate, and is part of the country's privatisation programme aimed at paying back its international bailout creditors
The fund said the total investment at Kassiopi is expected to reach €100 mln, including €23 mln for the acquisition of the leasehold, €2.3 mln of an earn-out clause and an estimated amount of €75 mln for the development of the property.
The investor will have the right to develop about 36,000 m2 of gross area, .
NCH Capital is based in New York, and has over $3.5 bn of capital under management.