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And another investment:

North Afantou conceded to MA Angeliades Hellas

https://www.ekathimerini.com/economy/1173557/north-afantou-conceded-to-ma-angeliades-hellas/

The Hellenic Republic Asset Development Fund (TAIPED) on Thursday announced the completion of the Golf-North Afantou property concession to MA Angeliades Hellas.

TAIPED CEO Dimitris Politis and the legal representative of MA Angeliades Hellas, George Mylonogiannis, signed the closing memorandum of the transaction with the payment of a lump sum of 26.9 million euros plus interest.

Golf-North Afantou is a coastal property with a total area of 1,328 square meters.

The more desperate you get the more you throw the balls out of the pram resorting to personal insults, Arsenal. You just need to pull that long neck of yours out of the sand and wake up to what is starting to unfold right in front of your eyes!!

Mitsis Hotels expands further

https://www.ekathimerini.com/economy/1173261/mitsis-hotels-expands-further/

The Mitsis group has set in motion an investment plan for increasing the number of its hotel capacity from 5,500 to 6,500 rooms, which would render it the biggest hotel entity in Greece in terms of both rooms and beds.

Global Investor Everty Acquires Iconic Santorini Hotel

https://news.gtp.gr/2021/12/09/global-investor-everty-acquires-iconic-santorini-hotel/

Real estate investment company Everty has acquired the Iconic Santorini, a luxury boutique hotel located in Imerovigli, on the Greek island of Santorini.

Located on the island’s caldera, the luxury complex features unique architecture and consists of 19 cave suites with distinctive aesthetics that combine the unique view with authentic experiences and state-of-the-art facilities.

The Iconic Santorini hotel is Everty’s second investment in Greece since the beginning of 2021. The company has also developed the Petrothalassa Villas project in Ermionida in the Peloponnese.

Both investments are part of the company’s four-year strategic 100-million-euro investment program focusing on Greece’s premium office and hospitality market.

Georgiadis: Investments in 2022 will surpass all precedents

https://www.powergame.gr/politiki/168621/georgiadis-oi-ependyseis-to-2022-tha-xeperasoun-kathe-proigoumeno/

The Minister of Development and Investments, Adonis Georgiadis,spoke about the results of the KINAL elections, about the mandatory vaccination, about the growth rate of the economy and about the investments.

At the same time, he stressed that the level of investments exceeded all the years of the decade, estimating that in 2022 investments in Greece will exceed the last 27 years.

Where are the three disappointed developers heading for now???

Reds tables highest offer for Crete military base

https://www.ekathimerini.com/economy/1173243/reds-tables-highest-offer-for-crete-military-base/

Greek developer Reds has offered the highest bid for a sprawling former US military base on Crete at 40.2 million euros, privatization agency TAIPED said on Monday.

Four investors bid in October to acquire the 85-acre plot in Gournes, outside the city of Iraklio, and turn it into a seaside tourist resort with an entertainment park.

TAIPED, which is handling the sale, initially chose three of them and last month unsealed their offers.

The Company notes also the recent announcement of the sale of an 85 acre plot of land on the North Coast of Crete near Heraklion for a sum of EUR40m. This plot carries the right to build approximately 59,000 m2 the main use of which will be tourism and will include a casino, hotel and residential accommodation.

Wakey-wakey Arsenal!!

A profound effect on the company's future:

Strategic Investments planned on land owned by Ecclesiastical Foundations are now to be allowed to use "Epiphania", a right which can most easily described as akin to an English ground lease, and which provides a mechanism to achieve terms of up to 99 years. The use of Epiphania would enhance significantly the ability of investors to finance their investments through the banking system;

Continued)
The Board of Minoan regards these developments as being of the utmost importance and relevance in terms of the Company's immediate outlook. In particular, there are three areas where the changes provided for in the new Legislation are likely to have a direct, significant and beneficial effect on the progress of the Project.

These are:

a) Strategic Investments planned on land owned by Ecclesiastical Foundations are now to be allowed to use "Epiphania", a right which can most easily described as akin to an English ground lease, and which provides a mechanism to achieve terms of up to 99 years. The use of Epiphania would enhance significantly the ability of investors to finance their investments through the banking system;

b) The law provides for a procedure to allow for changes to business plans previously approved by the Government; and

c) Building permit pre-approvals will be granted centrally rather than through the relevant local authority.

Minister of Development Adonis Georgiadis said, "The aim is for the interested investor to follow the development of his investment plan through his mobile phone. The main goal with the changes in these procedures is now to reduce to 60 days the settlement of applications (investment plans) and 100 days for the final submission for an investment law, something that previously needed up to two and a half years."

The law provides for additional benefits for Strategic Investments, including tax incentives, grants, the use of coastal land and the adjacent sea bed, provisions for auxiliary infrastructure as well as other changes to ensure easier and faster progress through the bureaucracy.

Greece

In the last few months it has become clear that the Greek economy has rebounded strongly after the last financial crisis and the worst effects of the pandemic, recording growth of in excess of 13% in quarter 3 of 2021 (increased tourism). On a seasonally adjusted basis, Greece grew at 2.7% compared to the Eurozone average of 2.2%.

Most sectors of the Greek real estate market have become more active in the last 12 months. Residential property prices have shown significant growth of over 8% year on year after growth of over 10% in the previous year.

The Company notes also the recent announcement of the sale of an 85 acre plot of land on the North Coast of Crete near Heraklion for a sum of EUR40m. This plot carries the right to build approximately 59,000 m2 the main use of which will be tourism and will include a casino, hotel and residential accommodation.

The Legislation referred to above will be followed by a new Development Law, which will set out the details of new and revised incentives for investors and investments. This is expected shortly.

Chairman's Comment

"I am extremely pleased by the changes brought about by the new Law on Strategic Investments, which will be complemented by the new Development Law. Taken together with the numerous changes to planning laws

Update on new Law on Strategic Investments

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

Highlights

-- Passing of long-awaited new legislation in Greece relating, inter-alia, to inward investment into the country, likely to have significant benefits for Minoan's Itanos Gaia Project in Crete (the "Project");

-- Commercial, regulatory, and legal framework created as a result of the new legislation, designed to maximise attractiveness of Greece as a market for international investors, whilst minimising planning and administration timetables and procedures;

-- The intention to create a new "investor-friendly" environment in which the Project will be advanced may be highlighted by this month's sale of a large plot of land in Crete for future tourism and leisure development to an entity controlled by international investors.

Background

Further to its announcement of 1 December, the Company is pleased to provide further details relating to the new "Law on Strategic Investments" (the "Legislation"), which has recently passed through the Greek Parliament. Amongst its features, the Legislation creates new sets of incentives and assessment procedures with which the Greek government is trying not only to attract strategic investments, but to see them realised in a measurable and timely manner.

The Legislation is aimed at consolidating the perception that Greece is a reliable, transparent and attractive international investment destination and to formulate a modern investment strategy oriented to the challenges and transformations of the international economic environment through t he creation of a single "Law on Strategic Investments". This Legislation will be a reference point for anyone wishing to investigate and choose the country as an investment destination as set out by Alternate Minister of Development Nikos Papathanassis.

The Board of Minoan regards these developments as being of the utmost importance and relevance in terms of the Company's immediate outlook. In particular, there are three areas where the changes provided for in the new Legislation are likely to have a direct, significant and beneficial effect on the progress of the Project.

These are:

a) Strategic Investments planned on land owned by Ecclesiastical Foundations are now to be allowed to use "Epiphania", a right which can most easily described as akin to an English ground lease, and which provides a mechanism to achieve terms of up to 99 years. The use of Epiphania would enhance significantly the ability of investors to finance their investments through the banking system;

The journey just gets better!

EY: Recovery Funding to Advance Greece Investor Activity

https://news.gtp.gr/2021/12/07/ey-recovery-funding-to-advance-greece-investor-activity/

Dozens of projects are up for EU funding approval establishing Greece as key investor destination, according to Deputy Development & Investments Minister Yannis Tsakiris.

“Greece has become a very attractive investment destination for foreign investors and a unique window of investment and development opportunity has been created which should be utilized to the fullest,” the minister said during an event organized in Athens by the Hellenic Development Bank (HDB) and EY Greece in collaboration with the Hellenic Venture Capital Association (HVCA).

Rising real estate prices provide banks with added bonus

https://www.businessdaily.gr/english-edition/52471_rising-real-estate-prices-provide-banks-added-bonus

After the long dip seen in real estate market that ran through the 2010s, property prices have been on a steady recovery path as of the end of 2017.

In addition, banks expect a significant increase in financing for both commercial and residential real estate, boosting their loan portfolios and revenues. It is noted that in the wider region of Attica, but also in many other parts of the country, strong construction activity is taking place. There is also a significant indirect impact on banks and the economy at large, as the rise in the real estate market leads to a significant increase in capital flows from rents, which real estate players channel into other investments.

When all else fails use a few personal insults eh? That might work with some but not me Arsenal.......

'Head in the sand' Arsenal, you are living in the past and that post of yours proves it!

Not bad - 40M Euros for a 85 acre plot.

How much for a 10 Square mile plot of land??

And where are the three disappointed developers going to end up???

Reds tables highest offer for Crete military base

https://www.ekathimerini.com/economy/1173243/reds-tables-highest-offer-for-crete-military-base/

Greek developer Reds has offered the highest bid for a sprawling former US military base on Crete at 40.2 million euros, privatization agency TAIPED said on Monday.

Four investors bid in October to acquire the 85-acre plot in Gournes, outside the city of Iraklio, and turn it into a seaside tourist resort with an entertainment park.

TAIPED, which is handling the sale, initially chose three of them and last month unsealed their offers.

Accor CEO Sébastien Bazin Lauds Greece

https://news.gtp.gr/2021/11/29/accor-ceo-sebastien-bazin-lauds-greece/

“You have everything.”

That’s how Accor‘s chairman and chief executive officer, Sébastien Bazin, described Greece as a tourism destination during the 5th International Hospitality Forum, held by the Hellenic Chamber of Hotels on Saturday.

“Accor could do so much more in Greece,” he told Vassilikos, adding that the multinational hospitality group would be interested in developing more in the country.

“We cannot miss the ‘Greece opportunity’ at Accor,” he said.

Greece: Hotel Booking Demand to Hit 20-year High in 2022, Says Eurobank

https://news.gtp.gr/2021/12/01/greece-hotel-booking-demand-to-hit-20-year-high-in-2022-says-eurobank/

New €750m Funding Package

During the press conference, Eurobank also announced a new 750-million-euro funding scheme for the Greek hospitality industry.

The funding package is broken down to:

– 275 million euros for the construction of new hotel units and the expansion of existing ones;
– 225 million euros for the upgrade of existing hotel units; and
– 250 million euros for acquisitions and strategic refinancing.

Funding is expected to increase capacity by 2,000 rooms and upgrade 4,700 rooms mainly in four- and five-star hotels located throughout the country.

Law 4864
Published in Government Gazette 237 - 02.12.2021 on 02.12.2021
INVESTMENT STRATEGIES AND IMPROVEMENT OF THE INVESTMENT ENVIRONMENT THROUGH THE ACCELERATION PROCEDURES IN PRIVATE AND STRATEGIC INVESTMENTS, GENERATION FRAMEWORK FOR COMPANIES TECHNOV

Chairman's Comment

"The Company will now be taking further steps to progress its Project in Crete and looks forward to providing a more detailed update following the formal publication of the new law, expected in the next few days."

Minoan Group PLC New Development Law and Loan Extension
01/12/2021 12:44pm
UK Regulatory (RNS & others)

Minoan (LSE:MIN)
Intraday Stock Chart

Thursday 2 December 2021

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RNS Number : 2442U

Minoan Group PLC

01 December 2021

1 December 2021

Minoan Group Plc

(The "Company" or Minoan)

New Development Law and Loan Extension

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

New Development Law

The Company is pleased to report that the Greek Parliament has approved a new development law regarding strategic investments such as the Company's Itanos Gaia hotel and resort development in Crete (the "Project").

The law is intended to enhance the attractiveness of Greece to investors by inter alia: simplifying bureaucracy, improving incentives and, in particular, enhancing the approval processes for Strategic Investments of which the Company's Itanos Gaia project is one.

Loan Extension

Further to the announcement on 29 October 2021, the Company announces that for a fee of GBP150,000, to be settled by an issue of Ordinary Shares in Minoan at 1p per share, a six month extension of the loan to 30 April 2022 has been agreed.

As Nicholas Day, a substantial shareholder of the Company currently holding 10.18% of Minoan's issued share capital, is a member of the lender (DAGG LLP) and the loan extension and fee constitutes a related party transaction under Rule 13 of the AIM Rules for Companies, the Directors of Minoan consider, having consulted with the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.

Chairman's Comment

"The Company will now be taking further steps to progress its Project in Crete and looks forward to providing a more detailed update following the formal publication of the new law, expected in the next few days."