NBG Pangaea REIC acquires the Hilton Cyprus

in which Pangaea holds 90 pct and Invel Group the remaining 10 pct, signed an agreement for the acquisition of 96.82 pct of the shares of the company "The Cyprus Tourism Development Public Company Limited" for 54.9 million euros.

CTDC is the owner of Hilton Cyprus hotel, the only 5 star 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.