The contract for the transfer of the entire share capital of the special purpose vehicle (SPV) “Nea Kerkyra Property Investments SA”, which was established by HRADF for the purpose of developing the Kassiopi property in Corfu, was signed on 16 July 2014.

The initial method of development that was chosen was the establishment and transfer of the surface right for 99 years.

The consortium of companies with the corporate names “NCH New Europe Property Fund II L.P.” and “NCH Balkan Fund L.P.” was declared highest bidder in the tender process.

The financial consideration for the acquisition of the surface right by Nectar Holdings Limited (whose shareholders are NCH New Europe Property Fund II L.P. and NCH Balkan Fund L.P.) amounted to €23 million.

HRADF then explored the prospect of the further development of the property by also selling the ownership right. The relevant Request for Proposals was published on 01.06.2017. The tender process was widely publicised and two parties expressed interest in participating, one of whom was the owner of the surface right of the property, who ultimately submitted the sole offer. The final improved offer accepted by HRADF was €2,050,000.

The development of the property is a characteristic example of the application of an ESCHADA and is expected to offer great benefits to the local community, significantly strengthening the tourism product of Corfu.