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NCH Capital given go-ahead for Corfu resort (according OPP & Bloomberg)

Corfu will see €98million invested into a new tourist resort, according to reports.

NCH Capital Inc., a US-based private equity firm, has been granted permission to develop a hotel, marina and private homes on the Greek island. NCH will spend €23million on the leasehold and invest a further €75million into building the resort.

The Hellenic Republic Asset Development Fund accepted the company’s bid to lease the 490,00-square-metre property under a 99-year agreement. Construction may start as early as 2015, according to Bloomberg.

Andi Ballta, NCH’s Managing Director for the Western Balkans and Greece, told Bloomberg: “We were looking at Greece way before anyone considered investing there and that’s put us ahead of the competition.”

Tourist numbers reached their highest-ever level last year, topping 17 million by the end of October 2013. As the eurozone crisis diminishes, investors are beginning to return to Greece


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