Rohr and Tabacinic’s NCH Capital Wins Greek Development Deal
Greece’s privatisation agency on Thursday picked U.S. private equity fund NCH Capital to develop land on the island of Corfu for tourism, in a 23 million euro deal that is part of the government’s asset sales agenda to pay down public debt, reports Reuters.
Under the deal, New York-based NCH Capital will buy all of the shares in a special purpose vehicle where the government will transfer rights to 490,000 square metres of land in Kassiopi on the western Greek island for 99 years.
NCH Capital, with about 3.5 billion euros in assets under management, will spend 75 million euros on mild tourism development on 36,000 square metres, creating hundreds of jobs, the agency said.
NCH Capital’s founders and general partners, George Rohr and Morris Tabacinic, founded NCH in 1993. Messrs. Tabacinic and Rohr are brothers-in-law. According to their website, they have “launched 21 funds since their founding and established, in addition to headquarters in New York City, eight regional offices in Russia, Romania, Ukraine, Latvia, Bulgaria, Moldova, and Albania with over 145 local staff dedicated to executing the firm’s strategies.”