Corfu, Greece: Major New Tourist Resort Development Approved, Kassiopi Area

Happy New 99 Years!

From Bloomberg

By Sharon Smyth,  Dec 30, 2013:

"NCH Capital Inc., a U.S. private-equity firm, won permission from the Greek government to build a tourist resort on the island of Corfu.

NCH, based in New York, will spend 23 million euros ($32 million) for the leasehold and invest about 75 million euros to develop a hotel, marina and private holiday homes...

Greece’s Hellenic Republic Asset Development Fund, which is charged with raising 11 billion euros through state assets sales by 2016, accepted NCH Capital’s bid in January 2013 to lease a 490,000 square-meter (5.3 million square-foot) property on Corfu under a 99-year concession. The deal marked the first overseas investment in state land in 15 years".

Kathimerini

Kassiopi (Greek Travel Pages):

"According to a statement released by the fund, NCH Capital will be granted the rights of the Kassiopi plot for a period of 99 years. The land thus remains the property of the Greek State...The total area of the plot at Kassiopi is 490,000 square meters (some 120 acres) in which the investor will have the right to develop mild tourism projects of about 36,000 square meters. More than 320,000 square meters will remain accessible to the public...According to the fund, the investment at Kassiopi is expected to create hundreds of new jobs".

eKathimerini Update, 23.2.2016 - Work to start at conceded properties on Corfu and Skiathos