Henry Holterman is a numbers man.
In this invisible but foundational realm, there is no room for misinterpretations or emotion. Based purely on numbers, the Dutch investor ranks among the most successful dealmakers in Greece over recent decades. From the recent sale of his 9.75% stake in Alpha Bank to profitable deals in GEK TERNA and Ellaktor, and the capital gains—both visible and hidden—from his investments in Greece, it’s estimated that he has earned close to €1 billion to date.
An impressive figure, but fully justified.
Those who know him describe a highly disciplined investor with clear targets and a unique ability to spot undervalued assets, investing without loans or leverage.
In every investment move he made in Greece, those who engaged with him confirm he is laser-focused on results, unaffected by emotion or ego—even during the toughest business clashes. It’s just business, with the goal of maximizing profit. If others win along the way, great—but that’s not the goal. Obstacles are seen as opportunities to revise strategy and seek alternative paths to a successful exit—no matter how long it takes.
Ellaktor and GEK TERNA
His investment principles are reflected in his every move. In early 2018, amid the shareholder civil war in Ellaktor, Holterman flew to Athens in his private jet, invited by the Kallitsantsis brothers seeking backing for their upcoming proxy battle to oust the existing board of the historic construction group.
Though the discussions led nowhere—just like the attempt to acquire Forthnet alongside Odyssey-Athena—a new opportunity had already arisen, leading to a 10%, then 30% stake in GEK TERNA. He eventually exited the group of Mr. George Peristeris with an estimated €200 million in returns. Armed with fresh capital, he entered Ellaktor and, after more than two years of fierce rivalry—first with the Kallitsantsis side, then with the Kaymenakis–Bakou–Exarchos trio—he prevailed, having also forged a strong alliance with the Vardinogiannis group.
In Alpha Bank
Next came the divestment of Ellaktor’s assets, executed with mathematical precision. In 2021, while Greece’s investment-grade rating was still a distant dream, he invested in Alpha Bank.
While analysts speculated he might become a banker and increase his stake in the bank, he correctly read the signals and chose to sell—earning over €340 million. He still holds a 3.95% stake in Optima Bank, purchased during its public offering for €21 million, now valued at €60 million.
A Dutch… Dream
Holterman could be seen as the epitome of the “Dutch dream”—a twist on the more familiar “American dream.” Yet, his story is cinematic in nature.
Born in 1955, he began as a certified auditor. Legend has it that he was assigned to audit VolkerWessels, one of the Netherlands’ oldest and largest construction groups, whose investment arm is Reggeborgh. During this time, he met and married Herita, one of two daughters of owner Dick Wessels.
Wessels himself came from humble beginnings, working in his father Arend’s carpentry business founded in 1933. In 1968, at 22, he took over the company and turned it into one of Europe’s major construction groups. By 2017, when Wessels passed away, he was the third richest Dutchman, with an estimated fortune of €4 billion. Holterman took over the family business empire that year.
Reggeborgh’s Power
Founded in 1990 to manage the Wessels family’s investments, Reggeborgh today holds over 20 companies spanning infrastructure, real estate, energy, medical research, and tech across Europe and the U.S. Among its assets: Koninklijke VolkerWessels, DW Property, Prescan, Tesorion, and EVI. The family’s net worth is estimated at €15–20 billion.
The Dutch investment fund also has significant equity holdings, most notably a 3.04% stake in ABN Amro, making it the bank’s fifth-largest shareholder behind the Dutch government, MFS Investment Management, Norway’s NBIM, and BlackRock. It previously sold its 17.6% stake in Van Lanschot Kempen to ING.
The World Online Affair
Those who know Holterman call him a “player”—a label that can mean many things in Greek, but in his case, it’s quite literal: he has a passion for stock market investments.
One such investment tested him, but he emerged stronger and richer. Reggeborgh was among the early investors in tech firm World Online, holding a significant stake at its IPO in 2000. But the stock crashed post-IPO, causing massive investor losses. Reggeborgh escaped unharmed, having sold its shares beforehand.
The saga had legal implications. The company’s founder, Nina Brink (also known as Nina Storms), claimed €182 million from Reggeborgh, alleging it owed her per a private agreement. The dispute lasted nearly two decades and was settled out of court. Holterman always maintained that no illegal acts occurred and blamed investor over-expectations for the fallout.
Under Holterman, the Wessels family office made other lucrative moves—including in fiber-optic firms Reggefiber and Eurofiber, and the investment bank NIBC—despite regulatory scrutiny.
It All Began in Corfu
Around this time, Greece entered Holterman’s life—more specifically, Corfu. Neither he nor anyone else could have predicted that Greece would yield €1 billion in capital gains.
Roughly 25 years ago, he and his wife Herita bought a vacation home in Kassiopi, a stunning part of northern Corfu. The area is home to luxury villas owned by the Rothschilds, Jörg Rockenhäuser (Permira), Rob Lucas (CVC Capital), and other ultra-wealthy investors.
It was during this time he met Nikos Dendias, then a well-known lawyer in Corfu—long before entering politics. Dendias’ firm has handled many of Holterman’s affairs in Greece, where he has been remarkably active as an investor.
Corfu: His Island Love
Holterman’s bond with Corfu only grew stronger. He bought a dream villa in Kommeno, and nearly every summer enjoys the island’s beauty and refined cuisine. From his villa, he overlooks Gouvia Bay, often crossed by the yacht “Guilty” belonging to the Ioannou family. Holterman himself once owned the 47-meter yacht “Lars”, built by Italy’s Sanlorenzo shipyard. He later put it up for sale for €24 million, eventually selling it for an undisclosed amount.
Unlike the sea, it seems land is Holterman’s true love. His properties in Corfu and Athens mirror his investment philosophy: prime real estate with hidden value waiting to be unlocked.
A striking example is the historic Corfu Palace Hotel, which he reportedly acquired for €30 million from the Fokas family. Opened in 1962, the hotel had seen both glory and decline, in need of major renovations that were always partial and never complete.
Now under Holterman’s ownership, it’s undergoing a full €20 million renovation, aiming to reopen in 2026 as a key player in Corfu’s luxury hospitality scene.
More Real Estate Moves
Two years ago, he also bought a neoclassical building two blocks from Corfu Palace with views of Garitsa Bay, 1,000 square meters in total, for over €2 million.
Five years ago, he reportedly acquired the famous “Red House” (Antico Rosso) for €8 million. This stunning 17th-century mansion, built on the ruins of a 13th-century monastery, once belonged to the Kourkoumelis-Rodostamos family—one of Corfu’s oldest and linked by marriage to the Kapodistrias lineage.
Locals say Holterman has truly fallen for Corfu. He has made donations to the island’s hospital, coast guard, police, supported the “Melissa” disability center, EKAV, and other nonprofits, sports clubs, and federations—often via Ellaktor. In 2022, Holterman, his wife, and son were honorarily granted Greek citizenship.
What’s Next?
Corfu isn’t his only turf. Holterman has also built a significant real estate portfolio in Athens. Real estate insiders say REDS paid €80 million to acquire Athens Properties from Holding Greece B.V., managed by the Holterman family. The Hestia Luxury Apartments brand, part of Athens Properties B.V., manages 10 fully renovated buildings in prime locations. Other properties across Greece remain under his ownership—though not all are publicly known.
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