TOP Ships inks LOI to snap up Dubai real‑estate assets

TOP Ships Inc. (NYSE American: TOPS) revealed on November 28, 2025 that it has signed a letter of intent (LOI) to potentially acquire residential real‑estate assets in Dubai. The properties are being sold by a company affiliated with the firm’s CEO, Evangelos J. Pistiolis. Under the LOI, TOP Ships obtains an exclusive right — and an option — to purchase all or part of a property portfolio whose combined market value is estimated to exceed US$200 million. If TOP Ships exercises the option, purchase prices will enjoy a 10% discount relative to fair market values determined by two independent appraisers. As part of the agreement, the company will place an advance payment of US$23.5 million on or before December 31, 2025 — this amount will be credited against the acquisition price or refunded if the option is not exercised. The option period will last 90 days from the date of the advance payment. The LOI — and the advance payment — have been approved by a special committee made up of independent members of the TOP Ships board. That committee will oversee a due‑diligence process during the 90‑day option period and determine whether the company ultimately proceeds with the purchase. As of now, there is no guarantee the acquisition will be completed. TOP Ships, historically known as an owner/operator of modern “ECO” tanker vessels that transport crude oil and other liquid bulk cargo, is apparently looking to diversify — or at least explore — a presence in Dubai’s real‑estate market, which the company describes as attractive due to global investor confidence, transparent regulations, and a robust economy. #TOPShips #DubaiRealEstate #CorporateAcquisition #InvestmentNews #SlimScan #GrowthStocks #CANSLIM