Forest Fires in Greece

On Monday, 23 July catastrophic forest fires broke out in the Attica region of Greece. The fires took place at Kineta, to the south-west of Athens, and in the Rafina-Mati region, to the north-east of Athens. The first to the north-east proved catastrophic, as gale force winds exceeding 100 km per hour caused the fires to leap the highway and descend to the sea, burning houses and cars with incredible fury. A week later, the death toll numbered 92, and this is expected to rise further as missing persons are identified. We join all of our friends, family and colleagues in expressing our deepest sorrow at this event. We are contributing funds to the Hellenic Red Cross. The bank account for dona

Hellenic Telecoms raises € 400 mln at 2.375%

In an encouraging sign for the Greek economy, the Hellenic Telecommunications Organisation (OTE) raised € 400 million in a four-year bond issue. The coupon was 2.375%, which is the lowest achieved by OTE in the last 10 years. The issue was oversubscribed by 5 times, indicating strong investor interest. From the beginning of 2018, OTE Group has reduced its debt by € 500 mln, From € 4.3 bln in 2010, today its net debt is € 700 mln, a reduction of 83%. Deutsche Telecom owns 45% of OTE’s shares. The bond was issued by Deutsche Bank and Morgan Stanley as Lead Managers / Joint Bookrunners, with Alpha Bank, the National Bank of Greece, Eurobank Ergasias and Pireaus Bank acting as co-managers. For f

HIG announces strategic investment in Aldemar Hotel Group

Harvard Investment Group (HIG) has announced a strategic investment partnership with Aldemar Group. HIG has agreed to invest in 2 Aldemar Hotels in Rhodes: the 4* Paradise Village (615 rooms) and the 5* Amilia Mare (200 rooms). The two hotels have over 2,300 beds and are located on one of the finest beaches in Rhodes. The investment includes HIG’s assumption of a € 25 million loan from Eurobank, as well as provision of € 5 million for renovations. The Aldemar Hotel Group comprises Greece’s third largest group, after Mitsis Hotels and the Grecotel Group. The group counts 5,500 beds, 1,400 staff and 8 properties, including 2 thalassotherapy centres, located in Rhodes, Crete and the Peloponnese