The Porto Carras luxury resort in Halkidiki, central Macedonia, is about to change hands, with owner Technical Olympic (controlled by the Stengos family) having signed a memorandum of understanding with Belterra Investments, a member of the group owned by Ivan Savvidis.

Sources say that the price offered by the Greek-Russian entrepreneur is close to 300 million euros and to a great extent covers the requirements of the Stengos side, given that Porto Carras will only regain its competitiveness if additional investments of at least 100 million euros are made in reconstruction and renovation.

The value of the complex, based on the latest independent estimate at end-2018, has been determined at 395 million euros. That value could be boosted significantly by utilizing the valid building permit that allows for the construction of 526 holiday residences within the limits of the complex. Importantly, if those properties are constructed they will not incur a 24 percent value-added tax, making them that much more attractive for possible foreign buyers.

This article was originally published at ekathimerini.com.