Greece’s top administrative court blocked the sale process of a luxury Athens seaside resort to an Arab-Turkish fund. According to the State Council judges’ decision, the sale of the prime Astir Palace hotel complex and the development of the seaside site breached planning rules and would harm the natural, cultural and urban environment.
The State Council ruled out the Presidential Decree-based plan for the redevelopment of the Astir Palace area and the entire Mikro Kavouri Peninsula, as the creation of small villas and the constructions planned in the uninhabited part of the Peninsula were not legal.
The investment was to be undertaken by the Jermyn Street Real Estate Fund. The Hellenic Republic Asset Development Fund (HRADF) on Thursday, February 12, 2014, named the company as the preferred bidder for the Astir Palace hotel, just a few days after the hotel’s other co-owner, National Bank of Greece (NBG), also chose the same bidder.