Shipping magnate George Procopiou has assembled one of the largest property portfolios of any Greek businessman, reportedly about 2,500 properties worldwide, in a push that embodies a broader shift of Greek shipping fortunes from the sea to land.
His headline trophy is the Astir Palace in Vouliagmeni, the Athens Riviera resort that includes the Four Seasons Astir Palace Hotel Athens, the Arion and Nafsika hotels, and the Astir Marina. Mr. Procopiou bought a stake from Turkey's Dogus Group in October 2024 and acquired the remaining 70% in February 2025. In its first year under his ownership, Astir Palace reported revenue of €140.5 million, up 10%, with pretax profit of €30.6 million and net profit of €23 million.
At Ellinikon, the former Athens airport site, his family bought roughly 187,000 square meters from Lamda Development for about €120 million. With construction, the project is expected to total about €500 million.
The plan covers four city blocks with about 86,000 square meters of buildable space: roughly 30,000 for housing, 35,658 for offices and 20,000 for education, possibly including a private school linked to shipping and shipbuilding.
Mr. Procopiou also took a roughly 2% stake in Lamda, and a company tied to his family committed €25 million to the listed developer.
In Glyfada, near the headquarters of his Dynacom Tankers, he is developing offices and a cultural building. In 2022, he joined a competitive auction for about 20 acres in Saronida, pushing the price to nearly €30 million from a starting valuation of €10.5 million.
In central Athens, restoration is under way at the historic Athinogenous Mansion on Stadiou Street, which he has owned since 2008.
Metlen subsidiary ELEMKA is rebuilding the 19th-century landmark and adding an eight-story building behind it.
He is also eyeing the Akron Ilion Crystal building, with a planned €25 million renovation.
By Maria Kaloudi