A clear route to realise project value

Minoan has progressively eliminated most of the outstanding issues which have delayed delivery of its luxury resort in Crete. As it builds momentum, the group’s newsflow over the next 12‑18 months should turn to confirmation of development partners and financing, plus a firm timetable for the construction of its luxury hotel, residential and leisure project, the key planning consents for which are now in place.

The location for Minoan’s planned ‘branded residences’ is the 6,000 acres Cavo Sidero peninsula site, amongst the largest private estates in the Eastern Mediterranean. The locality includes ancient Itanos and the Toplou Monastery, 28km of coastline, secluded bays and inlets, and an interior of rolling hills and dramatic valleys.

The recent Greek election saw the incumbent government led by Kyriakos Mitsotakis re-elected with a 20% lead over the main opposition party. That was well ahead of opinion poll predictions and the PM has since called a second election for 25 June. That should, assuming a roughly similar vote, deliver a comfortable overall majority for a business-friendly administration.

Additionally, Greek tourism performed well in 2022 despite the challenging global economic backdrop. Strong growth by the country’s luxury hotel sector was driven by the return of American tourists and travel receipts from international business travel were 6.1% ahead of 2019 (source: hospitalitynet.org).

NAV is at the moment a multiple of the current share price.