Arab fund buys Astir Palace for €400 mln

The National Bank of Greece sold the majority 90% stake in its hotel subsidiary that owns the Astir Palace in Vouliagmeni to Jermyn Street Real Estate Fund IV LP for 400 mln euros as part of the sale of non-core assets by all Greek banks that have turned to the state rescue fund for aid.
The buyer is controlled by the Arab-owned fund AGC Jermyn Street IV and submitted the bid in cooperation with the Dogus Group of Turkey.
News reports said that the winning bid was 50 mln euros higher then the second next offer.