Top Ships Eyes $200m Dubai Real Estate Deal Linked to CEO

Credit: Karim Sahib / AFP

According to Splash 247, Greece’s Top Ships is considering a major move into Dubai’s property market through a potential acquisition tied to its CEO and main shareholder, Evangelos Pistiolis.

The tanker owner has signed a letter of intent to potentially purchase part or all of a residential real estate portfolio in Dubai controlled by a Pistiolis-related company. The assets are valued at more than $200 million.

Top Ships would be able to buy properties at a 10% discount to market value, based on independent appraisals. To secure the option, the company plans to make a $23.5 million advance payment before 31 December 2025, triggering a 90-day evaluation period. The payment is refundable if it chooses not to proceed.

A special committee of independent directors approved the arrangement and will review any final deal. The company emphasized that the option may or may not lead to a transaction.

The move follows other related-party deals, including Top Ships’ recent purchase of two megayachts from Pistiolis, as it continues expanding its portfolio beyond shipping.

Global News

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