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Pangaia raises profile in Nicosia property sector

March 3, 2019 at 11:57am
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Hotels, tourist complexes and commercial buildings are changing hands as foreign investors move in to acquire them.

Greek companies are making a dynamic comeback, acquiring an important role in the hotel and property sector.

Two large central Nicosia hotels – the Hilton Cyprus and the Holiday Inn as well as other property have passed into Greek hands.

Property investment company Pangaia, which is one of Greece’s biggest real estate companies, has raised its profile in Cyprus.

Last year it bought the Holiday Inn near Solomou Square for €11.2m. It is now being renovated and will operate as a Windham by Zeus International.

A few days ago, Pangai and Invel announced the acquisition of the Nicosia Hilton, the capital’s only five star hotel for €55m.

Pangaia started making its presence felt in the Cyprus property sector in 2018 when it bought 21 properties from the Bank of Cyprus. It also bought other well known buildings in the wider Nicosia area including the building housing Leroy Merlin, the Shacolas Tower on Ledra Street, most of which is rented by H&M, the Irida 3 building housing the Superhome Centre DYI and the building housing Unicars Service Centre.

It also acquired two buildings with offices, a cafeteria and lecture theatres which are rented by University of Nicosia and Ellinas House, most of which is rented by the Bank of Cyprus group, and the building housing the Education Ministry.

It also owns an industrial warehouse in Strovolos which is rented to TNT Express (Cyprus) and a commercial centre in the old town of Nicosia rented to Gloria Jean’s Coffee.

The Israeli company Fattal has bought the former Laiki building on Nicosia’s Makarios avenue and it will be converted into a boutique hotel.

In Limassol, the Orphanides supermarket passed into the Bank of Cyprus and is being rented by Melco as a temporary casino.

Chinese investors are behind the arrival in Limassol of the Sofitel chain. They bought a coastal plot for €30m and are building Cyprus’ first Sofitel in cooperation with Ocley Planet Vision Properties.