P&P advises N. Varveris– Moda Bagno SA on its strategic acquisition of a 75% stake in ESTIA JJC

Papapolitis & Papapolitis advises Athex listed N. Varveris– Moda Bagno SA. on its agreement with the existing shareholders of ESTIA JJC S.A. and the acquisition of a 75% stake in ESTIA JJC, through its participation in a share capital increase for a total investment of €3,925,120. As part of the transaction, N. Varveris–Moda Bagno S.A. also obtained the right to appoint the majority of the members of ESTIA JJC’s Board of Directors.

ESTIA JJC owns the historic building of the “ESTIA” newspaper at 7 Anthimou Gazi Street in central Athens, a listed historic building and landmark of the city centre of Athens. The property is planned to be renovated and transformed into a luxury hotel and restaurant, while preserving its historic character and showcasing its distinctive architectural features, in cooperation with the competent authorities.

The transaction marks an important step in N. Varveris–Moda Bagno SA.’s expansion into the tourism and hospitality sectors.

The Papapolitis & Papapolitis team was led by Partner and Head of Corporate & M&A Evi Tsilou, assisted by Senior Associate Chrysoula Giannopoulou and Associate Panagiotis Antonakos.