NCH Capital

Greek-American expatriate billionaire businessman and investor Dean Metropoulos has denied any involvement in the acquisition of a 32-million-euro, 44-hectare property in Kassiopi, Corfu.

"I can assure you that [the claim] is completely unfounded," he said in a letter to Kathimerini following a report published in the newspaper last week.

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.

US firm NCH Capital has received the necessary approvals from the Economy Ministry for its investment plan concerning a five-star hotel it intends to develop in the Erimitis area of Corfu (pictured) and is hoping the construction license will be issued soon so work can get under way during 2019.

The timetable of the 120-million-euro project provides for the hotel to open in 2021.

The government is continuing to send out mixed signals with regard to its commitment to reforms that will invite much-needed investments, as its deeds do not appear to match its words.

NCH Capital, a New York-based investment fund, plans to spend about 100 million euros to build a luxury seaside holiday resort on Corfu, it said on Friday.

Under a privatization scheme, part of a third international bailout signed last year, Greece on Thursday concluded the lease of a 108.3-acre plot, Cassiope, to NCH Capital for 23 million euros.

[Reuters]