Iktinos Hellas SA (ATHEX: IKTIN) (“Iktinos”) announces that it has entered into a binding preliminary asset management agreement (the “AMA”) with CBE CAPITAL Ltd. (“CBE”), a London-based private investment firm, relating to the plot located in Sitia Bay, Crete, Greece (the “Property”), owned by Iktinos’ subsidiary, Iktinos Technical & Tourist SA.

Pursuant to the AMA, CBE will transform Iktinos’ current hospitality project for the Property so that a five-star luxury resort, under an internationally recognised luxury or ultra-luxury brand, together with branded residences and a marina, can be developed by interested third-party investors on the Property. The completion of the project’s transformation has been set at 18 months, with an option for a 6-month extension. 

Through the AMA, the project will become more attractive to third-party investors to be arranged by CBE as the future general partner, by bringing on-board CBE’s added value, so as to allow its future sale at a substantial return. At the same time, the AMA also provides for a put option in favour of Iktinos for the sale of the project to CBE, securing a minimum floor of return equal to the project’s book valuation, should the put option be exercised.   

A long-form transaction agreement is anticipated to be executed on or before 31 December 2025, at which point Iktinos will inform accordingly the investment public.

CBE specialises in luxury hospitality and branded residence investments and has an established track record in Europe, including Italy and Greece, where it is a co-investor in the Six Senses Porto Heli development.

The Investment Banking Division of National Bank of Greece and Dryllerakis Law Firm acted as Financial Advisor and Legal Advisor respectively to Iktinos in connection with this transaction, while KG Law Firm has acted as Greek legal advisor to CBE.