The international bidding process for the development of HRADF’s properties at the location “Mikro Kavouri” in Vouliagmeni area, with total surface 119,800 sqm (exploitable area c. 111,942 sqm), including the “Aphrodite” hotel of total built area 12,080 sqm, 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 total surface 190,000 sqm owned by the National Bank of Greece (NBG), as well as Marina of Vouliagmeni of total surface c. 47,165 sqm, 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 Lemos area is the highest priced residential area of 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 for the development of the properties, the relative Special Development Planning Zone (ESCHADA) was elaborated, in accordance with the provisions of L. 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 concern, a joint ESCHADA may be issued, under the precondition that those 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 possessed by NBG and HRADF to the said company, according to article 5 par.  1 point f of L. 3986/2011”

The Presidential Decree that has been published in GG AAP / 191 / 2016 divides the total area into the following zones:

•       Zone IA and IB of 215,748 sqm total area 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