19 September 2018

Pangaea purchases Zeus Int. leased hotel in Nicosia

27 June 18 - RE+D Magazine
Pangaea purchases Zeus Int. leased hotel in Nicosia


IBI Group

Consultant - GREECE


Public entity - GREECE


Consultant - GREECE

Solum Property Solutions

Consultant - GREECE


Antulio Richetta

Director IBI Group
NBG Pangaea REIC announces the acquisition of the 100% of the shares of Lasmane Properties Ltd, owner of a property in Nicosia, formerly operating under the "Holiday Inn" brand.


The hotel has 140 rooms and is one of the largest hotels in the city. Itis very centrally located, within the Venetian walls of the city and in close proximity to the commercial center (Ledras and  Onasagorou  streets as  well  as  Makariou  Avenue)  and  to Eleftherias  Square  which  is currently  being  regenerated  as designed  by  the  internationally  renowned  architect  Zaha Hadid.

The property will be fully refurbished (with an estimated cost of c. € 4.5 million) and operated as a luxury city hotel. It is leased to Zeus International group, a fast growing hotel operator in Greece and the wider region.

The share purchase price amounted to €11.2 million of which €7.6 million was paid upon the transfer of the shares and the amount of €3.6 million will be paid once specific conditions are fulfilled.


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