ONYX tourism seeks to raise €46M for €387M resort development in Halkidiki

The move follows the securing of €229.57 million in debt financing from Greece’s Recovery and Resilience Facility and CrediaBank, as well as the activation of €7.8 million in bridge financing to cover the project’s initial expenses.

According to the Board of Directors’ report, the proposed capital increase will be submitted for approval at an Extraordinary General Meeting of shareholders on 30 November 2026. The company plans to issue up to 191,666,666 new ordinary registered shares, with a nominal value of €0.24 each, with the possibility of partial subscription.

The shares will be offered through a private placement to private and institutional investors, excluding the pre-emptive rights of existing shareholders.

The final offering price will be determined by the Board of Directors following a pre-marketing process to assess investor demand and cannot be lower than the nominal value of €0.24 per share.

How the €46 Million Will Be Allocated

The largest portion of the proceeds, amounting to €31.31 million, will be allocated to funding the equity contribution required for the investment project.

A further €3.3 million is earmarked for the acquisition of additional properties in the wider development area, €1.5 million for the repayment of existing bank debt and €1 million for capital increase expenses. The remaining amount, approximately €8.89 million, will be used as working capital.

Of the total €46 million, €5.85 million has already been contributed by the main shareholders, Leonidas and Fokion Zisiadis, to cover working capital requirements, with the intention of converting this amount into share capital at a later stage.

Consequently, provided that the capital increase is fully subscribed, the additional funds the company is seeking to raise will amount to approximately €40.15 million.

Financing from the Recovery and Resilience Facility

ONYX has secured €229.57 million in financing through the Greece 2.0 programme. Of this amount, €130.44 million comes from the loan component of the Recovery and Resilience Facility, while €99.13 million is provided through a co-financed loan from CrediaBank.

The main eligible component of the investment amounts to approximately €287 million, requiring an equity contribution of €57.4 million. This is expected to be covered through a combination of property contributions and new equity capital.

In parallel, the company has activated bridge financing of up to €7.8 million from CrediaBank through a revolving credit facility.

This financing is intended to cover expenses associated with the approved investment plan, including activities related to licensing, spatial planning and project preparation through a Special Spatial Development Plan for Strategic Investments (ESCHASE).

Initial Construction Activities Underway

The investment has entered its initial implementation phase, with the company announcing the commencement of works and payments to suppliers across various specialist sectors.

As part of the loan financing arrangements, ONYX and CrediaBank have appointed RESOLUTE HELLAS as the project’s technical adviser.

The company will be responsible for monitoring and certifying construction progress, as well as assessing the procurement of the required equipment, in accordance with the financing terms and the institutional framework governing the Recovery and Resilience Facility.

The main construction phase is scheduled to begin in autumn 2027, according to the investment plan.

Two Hotels and 228 Tourism Residences

The investment plan предусматриes the development of an integrated tourism and agritourism resort on a privately owned site covering more than 600,000 square metres in Sani, on the Kassandra peninsula in Halkidiki.

The development will include two hotel units with a combined capacity of 546 rooms, alongside 228 tourism residences, comprising 120 villas and 108 smaller residential units.

The residential component of the investment is estimated at approximately €100 million, while the projected gross proceeds from residential property sales are estimated at around €175 million, according to the business plan.

The commercial launch of the residences is scheduled for 2029.

The resort will also feature dining, wellness, cultural and sports facilities, as well as agricultural activities integrated into the overall tourism offering.

For the technical development and construction of the project, ONYX has signed a memorandum of cooperation with the AKTOR Group. At the same time, the company is in discussions with an international luxury hospitality brand regarding the management and branding of the hotel and residential facilities.

First Operations Targeted for 2030

According to the business plan, the first phase of operations is scheduled for 2030, with projected revenues of €77 million and EBITDA of approximately €30 million.

Over the longer term, by 2039, management forecasts revenues of €192 million and EBITDA of €95 million.

The share capital increase represents a critical stage in securing financing for the development, as it is directly linked to covering the required equity contribution and meeting the Recovery and Resilience Facility’s financing and implementation deadlines.

Management estimates that the private placement process will enable the company to raise capital more quickly and attract new investors. The funds are expected to be utilised within 18 months of completion of the capital increase, with the possibility of an extension in the event of delays in project implementation or financing.