Feb 2019

Pangaea and Invel sign an agreement for the acquisition of the five * Hilton hotel in Nicosia (Cyprus)

NBG Pangaea REIC (Pangaea) and Invel Real Estate (Invel) announce that Vibrana Holdings Ltd, in which Pangaea holds 90% and Invel Group 10%, 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 mn.
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.