The Hellenic Republic Asset Development Fund (HRADF) announced that on December 31, 2015, Jermyn Street Real Estate Fund IV LP, signed the new agreement to submit the amended Special Zoning and Spatial Plan (ESHADA) for the development of the “Astir Palace Vouliagmeni SA”.

The agreement ensures that the plan is adjusted to the Council of the State’s opinion and has the same price of 400 million euros.

Specifically, the new development plan provides the creations of only 13 luxury cabanas, whereas the original plan included the creation of 100 cabanas and the creation of an entire village in the area where the current hotel complex of Astir Palace is located.