The international bidding process for the development of HRADF’s properties at the location “Mikro Kavouri” in Vouliagmeni area, with a total surface of 119,800 sq.m. (exploitable area of c. 111,942 sq.m.), including the “Aphrodite” hotel of a total built area 12,080 sq.m., which ceased operations in 2000, has been concluded. The tender also concerned the adjacent Astir Palace hotel complex (“Arionas” and “Westin” –former “Nafsika”– hotels), on a land plot with a total surface of 190,000 sq.m. owned by the National Bank of Greece (NBG), as well as the Marina of Vouliagmeni of total surface of c. 47,165 sq.m., containing 102 berthing spaces for cruise boats and yachts.

Astir property is situated 20 km from Athens city center and 25 km from  Athens International Airport. The nearby area of Lemos is the highest priced residential area in Athens. 

The transaction concerned the sale of 90% share capital of “Astir Palace Vouliagmenis SA”, to which the right of full ownership of HRADF’s properties had previously been contributed.

Within the context of the tender and aiming at the development of the properties, the relative Special Development Planning Zone (ESCHADA) was elaborated, in accordance with the provisions of Law No. 4170/2013 (GG A’/163/2013), as amended and in force and, more specifically, in accordance with par. 4, according to which “For the properties to which the contracts of paragraphs 1 and 2 are referring, a joint ESCHADA may be issued, under the precondition that the said properties will be jointly developed, through the transfer of the property mentioned in paragraph 2 from HRADF to ASTIR VOULIAGMENIS SA and, thereafter, the sale of the total share capital held by NBG and HRADF to the said company, according to article 5 par.  1 point f of Law No. 3986/2011”

The Presidential Decree published in Government Gazette AAP/191/2016 divides the total area into the following zones:

•       Zone IA and IB, of a total area of 215,748 sq.m. for the protection and enhancement of the environment and the natural landscape.

•       Zone II, comprising the archaeological sites of the property, where no construction is permitted.

•       Zone III, for the development of maximum 15 residencies for tourism and leisure uses around the existing hotels.