Through its business “vehicles”, HIG is among the top three most active foreign investors in Greece, while employing, in total, approximately 5,000 workers
By Nena Sokou
A vote of confidence in the Greek economy is given by HIG Capital Advisors LLC, which through the Inventio Group has already invested 1.5 billion euros in the country – of which more than 400 million euros are equity funds – in the logistics and real estate sectors estate.
Investments until the end of 2025 are expected to reach 2.1 billion euros.
About the next moves of HIG Capital through the companies Inventio Group and Streem Global, the CEO of the two companies, Konstantinos Bitros, spoke at an information event held in Rhodes.
As Mr. Bitros noted, HIG’s investments in Greece are set for the next five years and so far the yields in both sectors are in the range of 15%-17%.
“There is no budget, we grow as much as we can, this is the mandate” said Mr. Bitros and added that currently 600 million euros are in construction projects that are in progress.
Referring to Inventio, he revealed, without giving any other information, that the company – which also manages third-party capital – plans to be active in the agri-food sector as well.
The ongoing investments are implemented by two operating platforms: ELLA RESORTS in the hotel industry and STREEM GLOBAL in the logistics industry.
Through its business “vehicles”, HIG is among the top three most active foreign investors in Greece, while it employs, in total, approximately 5,000 workers, creating a significant footprint in the Greek economy.
Ella Resorts
Under the umbrella of Ella Resort, 8 hotel units have joined in Rhodes, Corfu, Crete and Athens with a capacity of approximately 3,000 rooms. The goal, for its activity within Greece, is 6,000 rooms, while more widely in the Mediterranean, 10,000 rooms.
According to what Mr. Bitros said, there are three criteria for the selection of a candidate investment: to be up to 1.5 hours from an airport, to have more than 200 rooms to use and to be located in front of a beach.
The hotel units:
- Former Aldemar of Rhodes: Complete renovation of hotel units with a capacity of 835 rooms (2,500 beds) which was completely managed by Inventio Edge. The total investment to date is estimated at an amount greater than €100,000,000. Rescue of 350 jobs, which, after the complete renovation of the hotels, increased to 600.
- Corfu Holdings SA Corfu (ex-Mayor Holdings): The complete renovation and expansion of 4 hotel units with a capacity of 1,400 rooms (2,500 beds) is in progress. The total investment is estimated at more than €150,000,000, while 400 jobs were saved, which, after the full development of the investment plan, will increase to 700. The renovation work has already started Álkyna Lifestyle Beach Resort (formerly La Grota Verde) which will operate fully renovated next season, while the renovations of the Capo Di Cordu and Pelekas Monastery with a total capacity of over 650 rooms that will begin in the fall of 2024. All renovations are overseen by Inventio Edge.
- Hotel purchase formerly Aldiana Club, in the Mochlou region of Crete with an investment plan of €50 million for the renovation, expansion and upgrade to a 5-star hotel to be called Rocrita Lifestyle Beach Resort, with a total capacity of 360 rooms. The project, under the supervision of Inventio Edge, is in progress with an operational horizon of the 2025 tourist season.
- In addition, the former hotel was acquired Althea (also known as the junta hotel), in Agia Marina Attica, with a capacity of 350 rooms. In the current phase, the renovation project is in an early design and loan stage.
Speaking about the specific project, Mr. Bitros mentioned that the licensing process will take 2 to 3 years, stressing that the hotel that was built 50 years ago must be brought up to date – it does not have swimming pools as he typically mentioned. The project has a budget of 70-80 euros.
On the premises of Althea, Ella Resorts plans to establish a tourism education academy for the awarding of a Bachelor in collaboration with IST College.
Analyzing the philosophy on which the hotels are renovated, Giorgos Stamatiou, CEO of Ella Resorts, stated that priority is given to the presence in popular destinations, the integration of local architectural elements, sustainability practices, as well as specialized services with experiential experiences even outside the hotel .
The company’s philosophy, Mr. Stamatiou emphasized, is that of affordable luxury, adding that the current hospitality proposal is highly competitive for the Greek public as well.
Stream Global
Streem Global includes six important companies in the field of transport and logistics, as well as the transformation plan of of old installations of the Steel Industry of Greece in a logistic center.
Especially for the latter, a project of more than 300 million euros, HIG is proceeding with the transformation of the plot into a model international transport and storage center (via train, ship, truck – trimodal). The plot extends over 291 acres and includes the creation of warehouses of 180,000 sq.m. and 20,000 sq.m. companion spaces, with the possibility of processing actions. The estimated annual benefit for the Greek economy amounts to at least 70 million euros since its launch. The project passed the Inter-Ministerial Committee and was included in the country’s strategic investments in March 2023. The remediation of the plot, as well as the demolition of the old steel mill, has so far been completed. The licensing process is currently underway. The project is maturing under the supervision of Inventio Edge.
At the same time, HIG Capital acquired 100% of the company Nami Doo in Serbia, which specializes in the logistics of refrigerated products, has a customs warehouse license and covers cargo transportation in Serbia and the wider region.
It also has four privately owned buildings with a storage space of 8,000 sq.m. and office spaces of 1,500 sq.m. strategically located near key transport routes such as the Belgrade-Budapest highway.
The next stops are expected to be the markets of Serbia, Romania, Bulgaria, Croatia, Hungary, Austria, Poland with Germany as a target.
Source: Skai
I am Janice Wiggins, and I am an author at News Bulletin 247, and I mostly cover economy news. I have a lot of experience in this field, and I know how to get the information that people need. I am a very reliable source, and I always make sure that my readers can trust me.
