Greece’s tanker shipowner Top Ships is to diversify further with the purchase of real estate assets in Dubai.
In a securities and exchange commission filing, the New York-listed Top Ships said
Greece’s tanker shipowner Top Ships is to diversify further with the purchase of real estate assets in Dubai.
In a securities and exchange commission filing, the New York-listed Top Ships said the company has entered into a letter of intent for the potential acquisition of certain residential real estate assets in Dubai from a company affiliated with Mr. Evangelos J. Pistiolis, the company’s president and chief executive officer.
Under the letter of intent, TOP Ships has been granted an exclusive right and an option to acquire all or a portion of a portfolio of assets with an estimated aggregate market value in excess of $200m.
Dubai is one of the world’s most attractive real estate markets, supported by a high-growth economy.
The purchase price on exercise of the option with respect to any of the properties will be at a 10% discount to fair market value.
Before December 31, the company
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