Top Ships lines up $200m Dubai property grab from CEO

Greece’s Top Ships is preparing to diversify again with a move into Dubai real estate through a deal tied to its chief executive and major shareholder, Evangelos Pistiolis.

The New York-listed tanker owner has signed a letter of intent to acquire all or part of a residential property portfolio in Dubai controlled by a Pistiolis-affiliated company. The assets carry an estimated market value above $200m, and the company said it believes Dubai remains one of the most attractive global real estate markets thanks to investor demand, clear regulations and strong economic growth.

Under the terms agreed, Top Ships will have the option to buy any of the properties at a 10% discount to fair market value, based on two independent appraisals. Before 31 December 2025, the company will make a $23.5m advance payment that will count toward any purchase or be refunded if it decides not to proceed. The option period runs for 90 days after the payment is made.

The company said the move was approved by a special committee of independent directors, which will also have to sign off on any final purchase. The committee plans to use the option period to carry out due diligence and assess market conditions. Top Ships stressed that there is no guarantee the option will be exercised or that any transaction will follow.

The deal comes shortly after Top Ships bought two megayachts from Pistiolis, adding to a track record of related-party transactions. The owner currently controls a fleet of MR, suezmax and VLCC tankers and has been widening its asset base beyond shipping.