Investment opportunities such as the 120-acre tourism real estate project in Corfu are drawing the interest of global investors.

Greece’s Hellenic Republic Asset Development Fund has completed its first deal for public land, selling the leasehold for plot of land on the island of Corfu to U.S. investment firm NCH Capital for 23 million Euro. The U.S. investment firm, known for its investments in Russia and Central Europe, won the bidding process for the right to develop more than 120 acres on the island of Corfu. The deal also included a 2.3 million Euro earn-out clause. The privatization fund said it is in the process of tendering four other projects.

"It is the first direct foreign investment in public land in the last 15 years," the Hellenic Republic Asset Development Fund said in a statement.

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 meters of land in Kassiopi on the western Greek island for 99 years.

NCH Capital, with about 3.5 billion Euro in assets under management, will spend 75 million Euro on mild tourism development on 36,000 square meters, creating hundreds of jobs, the agency said. Source:Invest in Greece