ATHENS, Greece – (Realty News Report) – A Hines partnership has acquired land in Athens where it will develop 400 residential units.
Hines, Houston-based international real estate firm, is working on the project in partnership with Henderson Park, a European real estate investment platform.
The residential community will be a residential-for-sale complex, built in phases over four years on 17.5-acres.
The site, zoned for residential development, was acquired off-market from the Benaki Museum.
With the majority of Athens’ residential stock more than 30 years old, and limited new development over the past decade, there is clear pent-up demand for quality product, Hines said.
“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, 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’ capability as we grow our residential platform in Greece and in the Living Sector across Europe.”
This transaction is the third Greek joint venture between Henderson Park and Hines, having previously acquired the five-star Grand Hyatt hotel in Athens and a portfolio of resort hotels on the island of Crete together.
Finance for the transaction was provided by Alpha Bank. Hines and Henderson Park were advised by Lambadarios Law Firm.
The two companies – Hines and Henderson Park – have also combined their residential development expertise in other European countries with investments to develop 1,730 student beds across Spain and the UK, in addition to significant experience of investing in residential asset classes individually. Hines is a privately owned global real estate investment firm founded in 1957 by Gerald D. Hines, with a presence in 205 cities in 24 countries.
Aug. 21, 2020 Realty News Report Copyright 2020