Prodea now holds a 80% stake in MHV. The total consideration amounted to €254m.
This acquisition significantly increases Prodea's presence in the hospitality market, bringing the gross asset value of its diversified hospitality portfolio to approximately €660m, comprising around 1,800 keys.
Through the operational excellence of MHV and the resulting synergies across all hospitality assets of Prodea (current and prospective), Prodea aspires to make MHV a leading hospitality company in Southern Europe.
Prodea’s Executive Chairman of the Board of Directors and Chairman of the Investment Committee, Mr. Christophoros Papachristophorou, stated, “Ηospitality and tourism are a major contributor to the GDP of Southern European countries. Prodea has been investing in the sector for years and, directly or indirectly, has accumulated a number of landmark properties and a lot of experience in the sector. The time has come to take this exposure and experience to a new level by creating a leading player in the hospitality sector and offer for the first time the opportunity for investors, through Prodea, a company listed on the Athens Exchange, to get exposure into this exciting and fast growing asset class”.
Furthermore, as part of the continuous effort to expand and diversify the company’s investor base, Prodea is pleased to disclose that, as of 24th January, 2024, Yoda PLC, a prominent Cypriot group of companies, has acquired a 5.22% stake in Prodea. This strategic investment underscores the esteem that seasoned international investors, exemplified by Yoda, place on Prodea’s inherent potential and its highly experienced team, which combines local expertise and international know-how.
Prodea’s CEO, Mr. Aris Karytinos, noted, “Yoda PLC’s investment in Prodea signifies a vote of confidence in our vision, strategy, and the hard work of every member of our team. We welcome Yoda PLC and look forward to leveraging their expertise and resources to unlock new opportunities and enhance our market position.”
Yoda’s CEO, Mr. Alon Bar, stated, “In partnership with Prodea and Invel, we are proud to have
developed MHV in the past 3 years as one of the leading hospitality platforms in the
Mediterranean and we are confident that Prodea is well placed to take this business forward.
The real estate sector remains a cornerstone of Yoda Group, and we remain focused on
capturing growth opportunities in this strategically important asset class. We decided to invest
in Prodea, being the largest and most diversified REIT in Greece, well positioned in various
assets classes within the real estate arena, and we believe in their ability and commitment to
unlock further value in their portfolio.”
