The agreement pertains to a land area of approximately 2,689 stremmata owned by the IKTINOS subsidiary IKTINOS TECHNICAL & TOURISTIC. Of this total, 556 stremmata are coastal, located at Faneromeni Bay in Sitia, Crete, while the remaining 2,133 stremmata are situated further south on the Sópata–Mesorachi plateau within the same municipality.
IKTINOS has already secured a series of key permits for the properties, including environmental studies, siting studies for a small-vessel marina and a golf course, approval for the designation of a PERPO zone, as well as an urban planning study covering a portion of the residential development areas.
Under the terms of the AMA Agreement, CBE will undertake a comprehensive redesign of the project with the objective of developing a luxury five-star resort complex, in partnership with an internationally recognized luxury brand. The redesigned project will also include branded residences and a marina, with the intention of subsequently selling the fully developed asset at a significant return.
Completion of the redesign phase is scheduled within 18 months, with the possibility of a six-month extension.
The AMA Agreement grants IKTINOS a put option for transferring the project to CBE, thereby guaranteeing a minimum return equal to the project’s book value should the option be exercised. It is noted that the value of the property in question was appraised by independent valuers (as of 31/12/2024) at €29.5 million.
A detailed definitive agreement is expected to be executed by 31 December 2025.
CBE, known in Greece for its participation in the consortium developing the luxury Six Senses Porto Heli in Ermioni, specializes in investments in luxury hotels and branded residences. The company has an extensive track record of successful high-end investments across Europe, including the prestigious La Palma Capri in Capri, part of the Oetker Collection, and the Corinthia Rome in Rome.
