Henry Holterman is a numbers expert. In a realm where clarity is key and emotions have no place, the Dutch investor stands out as one of Greece’s most accomplished dealmakers over the past few decades. His recent sale of a 9.75% stake in Alpha Bank, along with profitable transactions in GEK TERNA and Hellaktor, has contributed to nearly €1 billion in capital gains from both obvious and hidden investments in Greece. These earnings have accumulated over recent years, helping the company report total assets exceeding €1 billion.
Such performance is impressive and well-deserved. Those who know him describe him as a highly disciplined investor with a sharp focus and an uncanny ability to spot undervalued assets, often making purchases without relying on loans or margins.
In every investment venture in Greece, colleagues report that he is focused on results and not swayed by emotions or ego, even in challenging situations. His approach is strictly business, aimed at maximizing profit, and while it’s fine if others benefit too, that’s not his primary goal. Challenges are simply opportunities to reassess strategy and seek alternative routes to secure a successful exit, regardless of how long it takes.
Ellaktor and GEK TERNA
His investments reflect his principles. In early 2018, amid a shareholder conflict at Hellaktor, Holterman flew to Athens at the request of the Kallitsantsis brothers, who were seeking his support in their efforts to oust the then-management of the construction firm.
The discussions didn’t yield favorable outcomes, similar to another attempt to acquire Forthnet alongside the Odyssey-Athena group. However, he seized another opportunity, first acquiring a 10% stake and later a 30% stake in GEK Terna. After a lengthy relationship with Mr. George Peristeri, he exited for an estimated €200 million, strengthening his position in Hellaktor. After two years of intense rivalries with the Kallitsantsis faction and the trio of Kaymenakis, Bakos, and Exarchos, he emerged victorious, bolstered by a strong alliance with the Vardinoyannis group.
Investing in Alpha Bank
This led to the asset sale of the erstwhile dominant Hellaktor group, conducted with precision. In 2021, when Greece was still striving for investment-grade status, he invested in Alpha Bank.
While much speculation surrounded how Holterman would increase his stake further, he accurately assessed the market and opted to sell, netting over €340 million in profit. He still retains a 3.95% stake in Optima Bank, purchased during its IPO for €21 million, now valued at approximately €60 million.
The Dutch Dream
Holterman embodies what one might call the “Dutch dream.” While this phrase often evokes images of American success stories, his journey has all the makings of a cinematic narrative.
Born in 1955, he started his career as a chartered accountant. Legend has it that he was tasked with auditing VolkerWessels, one of the largest and oldest Dutch construction and infrastructure groups, where he met and married Herita, the daughter of owner Dick Wessels.
The Wessels family’s rise began in a carpentry business initiated by Arendt in 1933. By 1968, Dick took charge and expanded it into one of Europe’s largest construction groups. Upon his passing in 2017, he ranked among the wealthiest Dutch individuals, with a fortune estimated at €4 billion. Holterman took over the family business after his father-in-law’s death.
Reggeborgh, founded in 1990 to manage the Wessels family’s investments, now boasts a diverse portfolio of over 20 companies across sectors such as infrastructure, real estate, energy, and technology, with operations in Europe and the Americas. Its estimated total assets reach €15-20 billion.
The Dutch fund also holds a significant 3.04% stake in ABN Amro Bank, making it the fifth largest shareholder, trailing behind the Dutch state, MFS Investment Management, Norwegian NBIM, and BlackRock.
The World Online Saga
Those familiar with Holterman often label him as a “gambler.” In his case, this description is quite literal, highlighting his bold approach to financial investments.
One such investment did pose challenges for Holterman, but he adeptly navigated these obstacles and eventually secured significant gains. Reggeborgh was an early investor in World Online and retained a noteworthy stake during its 2000 IPO. After the shares plummeted post-listing, leading to substantial losses for many, Reggeborgh managed to sell off its shares before the decline.
Holterman’s association with World Online led to legal issues, as the company’s founder, Nina Brink (also known as Nina Storms), claimed €182 million was owed to her. This dispute spanned nearly two decades and was ultimately settled out of court, with Holterman asserting that there was no misconduct during the IPO.
Under his leadership, the family office achieved other profitable endeavors despite scrutiny from regulatory authorities, amassing significant gains from fiber-optic companies Reggefiber and Eurofiber, as well as investment bank NIBC.
Discovery in Corfu
Greece entered Holterman’s life unexpectedly, transforming into a treasure trove of goodwill that added nearly €1 billion to his fortune. About 25 years ago, he and his wife, Herita, purchased a holiday home in Corfu, securing a stunning property in Kassiopi, an area known for its natural beauty, alongside properties owned by other affluent investors.
During this time, he met Nikos Dendia, a well-known lawyer on the island, long before Dendia entered politics. The Dendia law firm has since managed many cases for Holterman, who has actively invested in Greece.
Holterman’s connection with Corfu grew, leading him to acquire another villa in Kommeno and spend nearly every summer enjoying the island’s scenic beauty and gourmet cuisine. His former yacht, the 47-meter “Lars,” was briefly listed for €24 million but has since changed hands.
While he has ventured into the world of luxury yachts, land remains his primary passion. The properties he has amassed in Corfu and Athens are as distinctive as his equity investments, reflecting his investment philosophy centered on high-potential real estate.
One notable acquisition is the historic “Corfu Palace” hotel, bought for around €30 million from the Fokas family. Originally opened in 1962, it has seen better days and required extensive renovations, which are currently underway with a €20 million investment. When it reopens in 2026, it aims to capture a significant market share in luxury accommodation on the island. Additionally, he purchased another neoclassical building near the “Corfu Palace” for over €2 million, spanning 1,000 square meters.
Holterman also acquired the iconic Red House or Antico Rosso for €8 million, a striking property featuring a 17th-century mansion built over a 13th-century monastery, formerly owned by the Kourkoumeli-Rodostamos family.
Those close to him say he has always loved Corfu and consistently demonstrates his appreciation through donations to local causes, including the hospital and various charitable organizations. In 2022, he, his wife, and their son were honorary naturalized as Greek citizens.
The Next Steps
Holterman’s portfolio isn’t limited to Corfu; he has also made various acquisitions in Athens. Real estate experts suggest he has developed a significant property portfolio in the capital, with parts sold to REDS, which invested €80 million in Athens Properties from a company managed by his family. Hestia Luxury Apartments, a subsidiary, manages ten fully renovated buildings in prime locations.
Real estate is a key investment interest for him. In the Netherlands, he and his wife live in a luxurious yet understated home in Holden, once valued under €1 million, now worth much more.
Given his success in Greece with GEK Terna, Hellaktor, and Alpha Bank, many speculate his next move might focus on real estate, particularly through the establishment of a property management company. Following Hellaktor’s asset sales, including Aktor Concessions, REDS now holds significant assets, such as Alimos Marina, though reports of its potential sale remain unverified. REDS is also moving into hotel management, recently leasing a property on Kifissia Avenue from the Hellenic Olympic Committee for renewal and is expected to collaborate on the “Corfu Palace” project.
As for the future, while Reggeborgh has confirmed plans to continue investing in Greece after selling its stake in Alpha Bank, the landscape has changed significantly since 2018. With the economy achieving investment-grade status and stock markets reaching new heights, the question remains: What will be Holterman’s next strategic move?
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