Harneys advises Grivalia Hospitality S.A. on the acquisition of iconic hotel complex

Harneys advised Grivalia Properties REIC, on the €29.5 million acquisition of a well-known beachfront property complex in the Athens Riviera, where the renowned hotel “Asteria” used to operate.

Harneys Cyprus provided legal advice to Grivalia Hospitality S.A., the Luxembourg-based subsidiary of Grivalia Properties REIC, on all Cyprus law matters leading to the signing of a binding pre-agreement and related security documents for the acquisition of a Cyprus entity that owns 80 per cent of the shares of Nafsika S.A., the long-term lessee of the Asteria complex. The signing of the final share transfer agreement is expected in early 2018. 

Grivalia Properties REIC is the leading Greek Real Estate Investment Company and amongst the 20 strongest companies on the Athens Stock Exchange (ASE) with approximately 1 billion in assets under management, including a prime commercial real estate portfolio of 94 assets, the majority of which are located in Greece.

The transaction had a demanding timetable. Theodoros Zafiropoulos, who recently joined Harneys Cyprus and with whom Grivalia Properties REIC had worked in the past, commented: “We are delighted that we had the opportunity to support Grivalia Hospitality S.A. on the acquisition of an iconic hotel complex and we look forward to strengthening our relationship in the near future. We are extremely pleased that the Cyprus structure is being increasingly utilised in cross-border financings and acquisitions and we are confident that this upward trend will continue. At Harneys, we are uniquely placed, being the only international multi-jurisdictional law firm with a physical presence in Cyprus, to provide unrivalled service to clients throughout the world, particularly those seeking complex, cross-border transactional work.”

The team consisted of Partner Nancy Erotocritou and International Senior Counsel Theodoros Zafiropoulos, assisted by Senior Associate Demetris Nicolaou.