Construction work is scheduled to start during the second quarter of 2022.

The transaction, once closed, will significantly increase PATRIZIA’s current residential AUM of €16billion.

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"We are expanding into the luxury hotel market," Aristotelis Karytinos told ered

Expected to open in summer 2022, W Costa Navarino is anticipated to mark the latest addition to the ever-expanding W Escapes portfolio in Europe following locations in Spain, Switzerland and Portugal.

The bid offered for this property was €2,351,000.