What will happen to the large Russian investments in Greece

of Eleni Botas

It remains unknown what will happen with the large Russian investments in Greece, as stated by a market executive who does not want to be named “at the moment everything is in the air”.

On Saturday, Russian tycoon Roman Abramovich announced his resignation from the leadership of Chelsea after 20 years.

Following the sanctions imposed by Russia on Ukraine, it decided to leave the management of Chelsea to the World Champions’s charity.

Analysts estimate that Abramovich’s move will be followed by other Russian millionaires with multiple activities in various European countries.

In Greece, there are many large Russian investments that are in the pipeline and no one can say with certainty at this stage, whether they will move forward or whether they will be frozen even indefinitely.

From the tourism investment in Elounda, Crete by the Russian Mirum and the investment in Scorpio by the Russian tycoon Rimbolovlev, to the Dodoni dairy and the MERE supermarket chain, totaling over 750 million euros, the next day is large, “with the data changing from day to day”, as the same sources typically state.

The two largest Russian investments currently being promoted in domestic real estate are the Elounda Hills project in Crete, launched by Mirum Hellas, in the interests of Russian tycoon Vitaly Borisov totaling 500 million euros, and Dmitry Rimbolovlev of Russian tycoon owner since 2013, totaling € 230 million.

For Elounda Hill, V. Borisov’s goal is to create a tourist village, with a budget of about 500 million euros, which will be a reference point for luxury tourism in the southeastern Mediterranean.

In the part of 700 acres of the area it is foreseen, among others, to develop 4 hotels, 300 tourist residences, with an area of ​​80 sq.m. up to 1,500 sq.m., and a marina.

The leaders of Mirum Hellas are also running another parallel project, worth 100 million euros, in Elounda.

The specific project is developed in neighboring areas of about 200 acres which consists of five independent units “Tsifliki”, “Villa Koundourou”, “Akrotiri”, “Mikro Vathi” and “Vathi”, in which, among other things, hotels are planned. tourist houses and villas.

Capital.gr tried to contact the management of Mirum about whether there are changes in its business plans and in its general planning in the Greek market, but did not receive a response.

Regarding the investment in Scorpio, the architectural study of the project known as “VIP Exclusive Club”, approved last year by the Central Council of Architecture, is expected to exceed 230 million euros.

This investment includes a luxury 5-star hotel consisting of 12 buildings, spa, amphitheater, projection room, seating areas, public areas, modern gym and fitness center, playground, beach volley, swimming pools, artificial lake, helipad, safety unit seawater, wastewater treatment plant, power plant, large road network, poultry farms, farm, vineyard, orchard, vegetable gardens and covered facility for various sports

The above investments of Russian interests are not the only ones in Greece. The SVETOFOR chain, also known as MERE, is the largest discount chain in Russia, with 1,800 stores that recently entered the Greek market, as well as the investment of the Russian SI Foods in the Dodoni dairy industry, are two of the most important in the food sector.

It is noted that last spring, SI Foods, a major shareholder of the dairy industry DODONI SA. and CVC Capital Partners VII announced that they have entered into a joint venture agreement with SI Foods Holding Ltd, under which CVC Fund VII acquires a majority stake in the company.

Finally, those of Ivan Savvidis are included in the investment framework, both in Souroti and in OLTH, where through Belterra it now controls 71.85%, as well as in Macedonia Palace and Porto Carras.

As recently announced, the historic Porto Carras complex is entering a new era and the Belterra Investments Group (interests of I. Savvidis) is expected to receive in the near future the technical proposals for the full development of the total area of ​​the complex and its emergence as a top tourist destination of the Mediterranean.

Source: Capital

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