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Drakopoulos Advises Saudi Group on Greek Real Estate Acquisition

Drakopoulos

Greece
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Drakopoulos has announced that it has advised a major Saudi conglomerate on a multi-million euro real estate acquisition in the southern suburbs of Athens.

The deal consisted of a cross-border acquisition involving the Saudi, Swiss, Luxembourg, and Greek jurisdictions. This is the first investment in Greece of the Saudi conglomerate, which is active in many industries and several countries in the Middle East, the United States, and Europe. In a statement released by Drakopoulos, the firm described the acquisition as constituting "a vote of confidence in the prospects of the Greek economy, since the Saudi Group is currently looking closely in the local market for more opportunities, mainly in real estate."

The identity of the client was not revealed, nor was the specific amount or location of the transaction. Drakopoulos said that the purchasing Saudi group plans a total refurbishment of the property and a transformation into a luxury five-star boutique complex of suites expected to attract tourists from the Middle East.

The Saudi conglomerate was advised by Drakopoulos Partners Panagiotis Drakopoulos and Christos Christou in Greece and the Kingdom of Saudi Arabia and Ducrest Heggli Avocats in Switzerland and Luxembourg, while the Piraeus branch of Ince and Co. represented the Seller. 

 

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