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Hilton Cyprus deal announced

February 27, 2019 at 3:41pm
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NBG Pangaea REIC (Pangaea) and Invel Real Estate (Invel) have announced that Vibrana Holdings Ltd, in which Pangaea holds 90% and Invel Group 10%, have signed an agreement for the acquisition of 96.82% of the shares of the company “The Cyprus Tourism Development Public Company Limited” (CTDC) for a total consideration of €54.9 m.

CTDC is the owner of Hilton Cyprus hotel, the only 5* hotel in Nicosia, Cyprus, with a capacity of approximately 300 rooms.

The completion of the transaction is subject to approval by the Commission for the Protection of Competition of Cyprus