The HRADF announced yesterday that Jermyn Street Real Estate made the highest offer (EUR400mn) for the Astir Palace property (NBG controls 85.35% stake).
The BoDs of TAIPED and NBG will convene within the week to decide upon the finalization of the sale.
Jemyn is controlled by Arab AGC Equity Partners while Turkey’s Dogus also holds a 15% stake in the company.
Astir Palace will proceed with a share capital increase to which the HRADF will participate in kind, offering an adjacent property. Upon completion, Jermyn will control a 90% stake in Astir Palace (and will have to proceed with mandatory tender offer for the remaining stake).
NBG, whose stake will be reduced following the capital increase, values Astir at EUR200mn in its books and is expected to report a capital gain of EUR170mn.
The total transaction values Astir at EUR440mn and exceeds the HRADF’s expectations since they valued the property at EUR350-380mn.
Source: capital.gr
