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Henderson Park, the European real estate investment platform, and Hines, the international real estate firm, announce that they have acquired a 71,000 sqm site in Athens, Greece, for the development of a residential-for-sale complex. The site is zoned for residential development and was acquired off-market from the Benaki Museum.
The freehold site is located in the affluent residential suburb of Voula, south of Athens’ historical city centre. Once complete, the new master-planned community will comprise over 400 residential units with shared amenities, private gardens, pools and security. Henderson Park and Hines intend to deliver the project in phases over the next four years.
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. Voula has proven a particularly desirable location amongst both local and international buyers thanks to its proximity to the Athens waterfront and the Greek capital’s major points of interest.
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. The companies 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.
Source : Joint release