Firm plans ma­jor tourism in­vest­ment

Kathimerini English - - Front Page - NIKOS ROUSSANOGLOU

Gri­valia Prop­er­ties REIC is plan­ning a to­tal of 100 mil­lion eu­ros in in­vest­ments in ho­tel and tourism real es­tate through a new sub­sidiary com­pany re­cently set up in Lux­em­bourg. The new com­pany, Gri­valia Hos­pi­tal­ity SA, will take the form of a con­sor­tium in which Gri­valia will con­trib­ute 25 mil­lion eu­ros in cap­i­tal. For­eign in­vestors will pro­vide an ad­di­tional 75 mil­lion eu­ros. The bulk of in­vestors will come from ex­ist­ing share­hold­ers of the par­ent com­pany.

Ge­orge Chrys­sikos, CEO of Gri­valia Prop­er­ties, said that the goal is to pave the way for other in­vestors from Greece and abroad to in­vest cap­i­tal in such projects. The com­pany plans to in­vest via ac­qui­si­tions, re­fur­bish­ments and real es­tate de­vel­op­ment to cre­ate new jobs and add value to the lo­cal econ­omy.

Plots suit­able for tourism de­vel­op­ment will also be part of the plan, as will lux­ury ho­tel com­plexes. De­spite the up­com­ing snap elec­tions, the re­moval of the threat of a Greek exit from the eu­ro­zone has pro­vided the green light for the first steps of the in­vest­ment plan.

The com­pany said that Lux­em­bourg has been cho­sen as its base due to the rel­a­tive ease of de­posit­ing and trans­fer­ring cap­i­tal there in light of Greece’s cap­i­tal con­trols.

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