Dean Metropoulos to buy Kassiopi for €32 mln

Greek-American expatriate billionaire businessman and investor Dean Metropoulos is expected to acquire a 44-hectare property in Kassiopi on Corfu that formed the first privatization conducted as a result of the Greek debt crisis.

It is understood that a sale price of €32 million has been agreed and that bank financing for the project is pending.

The property is being sold by NCH Capital, who bought it in 2015 for €25 million through a tender process from the Hellenic Republic Asset Development Fund (TAIPED).

Sources say that Metropoulos’ business plan foresees the development of holiday homes that will operate under an international hospitality brand.

NCH Capital reportedly reached an agreement with Metropoulos after a number of fruitless attempts to sell the site.

NCH’s Kassiopi Project, as it was named, provided for the construction of a five-star hotel unit, with a capacity of 90 rooms, and up to 116 tourist homes and villas of up to 800 square meters. Although parts of the project have progressed, such as the internal road network, the main construction work never started.

The project also faced a string of legal objections from local landowners as well as from groups on Corfu.

Kassiopi is located on the north-west coast of Corfu, 37 km north of the city of Corfu and 12.5 km east of Acharavi.

An internationally known tourist destination, it is characterized mainly by rocky coasts but also small beaches in between with crystal-clear waters.