In particular, the REIC inked an agreement to purchase a 55% stake in the company Mediterranean Hospitality Venture PLC ("MHV") from the Cypriot "YODA Group" (Ascetico Limited) - in which the businessman G. Papalekas his a shareholder.
Since Prodea Investments already owns a 25% stake in MHV, upon the Transaction's completion, their stake will rise to 80%. The remaining 20% will be held by Invel Real Estate (through Flowpulse).
Mediterranean Hospitality Venture Limited operates in the hospitality industry and engages in real estate development and exploitation projects. The company's portfolio comprises luxury hotels and resorts, as well as office and residential development projects. MHV is the owner of hospitality units The Landmark Nicosia, and Parklane, a Luxury Collection Resort & Spa Limassol, both located in Cyprus, as well as the Nikki Beach and Porto Paros hotels that are based in Greece. The company also holds a 50% stake in the Aphrodite Hills Resort.
The fair value of MHV's real estate properties (investment properties, tangible fixed assets and property inventories) as of June 30, 2023 amounted to €555,268,000 (December 31, 2022: €551,928,000).
It should be reminded that MHV is a firm listed in the Cyprus Stock Exchange and, therefore, the Transaction's completion is subject to approval by the Commission for the Protection of Competition (C.P.C.) of the Republic of Cyprus.
The Transaction is expected to be completed within the first quarter of 2024.
