ATHENS, Greece – (Realty News Report) – A Hines partnership has acquired a 17.5-acre site in Voula, Athens, where it plans to develop a residential community of approximately 400 for-sale units.
Hines, the Houston-based global real estate firm, is undertaking the project in partnership with Henderson Park, a European real estate investment platform. The development will be built in phases over four years on a parcel acquired off-market from the Benaki Museum and is zoned for residential use.
With much of Athens’ housing stock more than 30 years old and limited new construction during the past decade, Hines says there is strong unmet demand for modern, high-quality residential product in the city. The Voula site’s proximity to the waterfront and its location in one of Athens’ most desirable districts create an opportunity to deliver premium homes to international standards.
“The site’s location in Voula, one of Athens’ most desirable districts, and its proximity to the waterfront provides a unique opportunity for premium residential development,” said Paul Gomopoulos, Hines Senior Managing Director and country head for Greece. “We will draw on our international expertise in residential development to deliver a high-quality product to international standards, one that will serve as an excellent example of Hines’ capabilities as we expand our residential platform in Greece and across Europe’s Living sector.”
This transaction marks the third joint venture in Greece between Henderson Park and Hines. Previously the partners acquired the five-star Grand Hyatt Athens and together purchased a portfolio of resort hotels on the island of Crete.
Alpha Bank provided financing for the acquisition. Hines and Henderson Park were advised on the transaction by Lambadarios Law Firm.
The two firms have also collaborated on residential development projects elsewhere in Europe, including investments to deliver 1,730 student beds across Spain and the UK. Both companies also hold extensive individual experience investing in residential asset classes. Hines is a privately held global real estate investment firm founded in 1957 by Gerald D. Hines, with operations in 205 cities across 24 countries.
Aug. 21, 2020 Realty News Report Copyright 2020
