Invel and Pangaea complete the acquisition of a majority stake in Aphrodite Hills, Cyprus
Invel, the investment firm focusing on real estate and distressed debt opportunities across Europe, announces that alongside NBG Pangaea REIC (“Pangaea”) and another major institutional investor, it has acquired a majority stake in Aphrodite Hills Resort Limited and Aphrodite Springs Public Limited in Pafos, Cyprus for c. €50 million.
Aphrodite Hills Resort comprises 234 hectares of land, including a 500,000 sq m golf course, over 750 luxury villas and apartments, tennis academy, conference facilities and numerous sports, leisure and dining options. It has recently been awarded the “European Golf Resort of the Year 2018” and the “European Golf Course of the Year 2018/2019”. The Resort includes the Aphrodite Hills Hotel by Atlantica, with 290 rooms and suites, and the only certified PGA National Cyprus golf course. Pangaea and its partners will aim to continue the expansion of the resort, with plans to deliver additional housing on the resort.
Aphrodite Springs comprises more than 150 hectares of land that is adjacent to Aphrodite Hills Resort, which is licensed to develop a golf course and 125,000 sq m of residential and mixed-use properties.
Invel’s Founder and Managing Partner, Christophoros Papachristophorou, said: “The acquisition of Aphrodite Hills is exactly the sort of strategic investment that we want to increase our exposure to and we believe there remain significant opportunities for meaningful value in Southern Europe. We now look forward to working with the team to realise the resort’s full potential.”