HPPC (Hellenic Public Properties Company), a subsidiary of the Hellenic Corporation of Assets and Participations (HCAP, the “Superfund”) and a 48.95% shareholder in North Star Entertainment, announced its participation in the investment through the granting of a 60-year surface right over the property known as “Kτήμα Dilaveri” in Maroussi. The contribution is made in kind, within the framework of the company’s share capital increase.
This development follows the Council of State’s rejection of applications seeking the annulment of Presidential Decree 36/2023, a decision that effectively cleared the path for the implementation of the project and the relocation of the casino. Following the completion of the required pre-contractual review, HPPC signed the agreement for the contribution of the surface right, thereby formally concluding its participation in the investment.
According to HPPC, the in-kind contribution structure safeguards the public interest, as it prevents the dilution of the State’s equity participation in a long-term investment with significant value-creation potential. At the same time, ownership of the property remains with the State and will revert for further utilization upon the expiration of the surface right.
Project Voria, with a total investment budget exceeding €380 million, involves the development of a high-specification, mixed-use destination for hospitality, entertainment, and business activities. The project is expected to enhance the tourism offering and strengthen the economic profile of Athens’ Northern Suburbs and the wider Attica region.
A core component of the project is the relocation of the casino from Mont Parnes to Maroussi. This relocation will release the Parnitha property, which—following the full reconstruction of the Mylonas Tower and the restoration of the surrounding landscape at the expense of the private shareholders—will be returned to HPPC, creating new opportunities for the redevelopment of a high-value public asset.
HPPC underscores its ongoing commitment to long-term value creation for the national economy and society, leveraging public real estate assets through modern financial structures and a strong framework of institutional governance.
