21 April 2018

Grivalia purchases Nafsika S.A

17 August 17 - RE+D Magazine
Grivalia purchases Nafsika S.A



Developer - GREECE

IBI Group

Consultant - GREECE



Solum Property Solutions

Consultant - GREECE

NAI Hellas

Consultant - GREECE


Aristotelis Karytinos

CEO of NBG Pangaea REIC NBG Pangaea REIC
GRIVALIA PROPERTIES REIC announces that its Luxembourg based hospitality platform, Grivalia Hospitality S.A. ("Grivalia Hospitality"), concluded a binding pre-agreement to acquire 80% of Nafsika S.A.


Nafsika S.A. holds through the National Bank of Greece the long-term lease of the Asteria property in Glyfada, owned by the Hellenic Public Properties Company (ETAD), where the renowned hotel "Asteria" used to operate.

Grivalia Hospitality’s task along with its specific partners is to redevelop the legendary hotel on the same footprint, while respecting the natural environment. Our goal is to reposition our asset into a contemporary super luxurious international hotel (with bungalows and villas) that will be operated by a top flag hotel operator.

Following completion of the significant planned investment, a state of the art hotel will be created within the unique area’s natural beauty, that will considerably upgrade the seafront side of Attica, will attract top quality tourism and create direct benefits to both the local society and the wider economy.

The purchase price of € 17.174 million covered mainly outstanding liabilities of the seller towards public services- social security institutions. Additionally, Grivalia Hospitality has undertaken to repay € 12.325 million of existing obligations to a private lender.

In combination with the signing of the pre-agreement, an agreement for the deposit into custody of 80% of Nafsika S.A. shares in favour of Grivalia Hospitality was also concluded.

The final contract of the sale of shares is expected to be concluded at the beginning of 2018.

Grivalia Properties REIC CEO & Chairman of Grivalia Hospitality, Georgios Chryssikos, stated:

“Over the past 7 months, Grivalia Hospitality has launched its investment activity and started implementing its pipeline targeting acquisitions mainly in Greece. Grivalia Hospitality’s object is to maximize value for its shareholders, people and the society.

The company aims to emerge as one of the leaders in the domestic hospitality and leisure market. In this respect we are very proud that Grivalia Hospitality will include in its portfolio another flagship real estate asset.

Our goal, together with our partners, is to create a real jewel for the Athenian riviera; a hotel that will operate in international standards which will in many ways upgrade and benefit the broader region of Glyfada, will create c.1.000 jobs and will assist Athens in being perceived as an all-year round tourist destination”.


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