Top Ships Considers Move Into Dubai Property Market

Greece’s Top Ships is preparing to branch out once again, this time into Dubai real estate, through a deal linked to its chief executive and major shareholder, Evangelos Pistiolis.

The New York-listed tanker operator has signed a letter of intent to acquire all or part of a residential property portfolio in Dubai owned by a company affiliated with Pistiolis. The assets are estimated to be worth more than $200 million. Top Ships said Dubai continues to be one of the world’s strongest real estate markets, supported by steady investor interest, transparent regulation and robust economic growth.

Under the agreement, Top Ships may purchase any of the assets at a 10 percent discount to their fair market value, determined by two independent appraisals. Before December 31, 2025, the company will make a $23.5 million advance payment, which will be applied to any eventual purchase or returned if the company opts not to proceed. The purchase option remains valid for 90 days after the advance is paid.

According to the company, the plan has been approved by a special committee of independent directors, which must also authorize any final transaction. The committee will use the option period to conduct due diligence and evaluate market conditions. Top Ships emphasized that there is no certainty the option will be exercised or that a transaction will occur.

This development follows Top Ships’ recent acquisition of two megayachts from Pistiolis, adding to a series of related-party deals. The company, which currently operates a fleet of MR, suezmax and VLCC tankers, has been steadily expanding its asset portfolio beyond shipping.