Invel Real Estate, Prodea Investments, and Ioannis Papalekas Group have teamed up to create a strategic investment operation aimed at tapping into opportunities in tourism, accommodation and F&B in the wider Mediterranean region.
The cooperation will focus most of its activities on Greece and Cyprus.
The new investor arm announced its first joint move: the signing of a sale-and-purchase agreement for the transfer of 41 percent of Prodea’s interest in Vibrana Holdings Ltd to Papalekas Group, which is based in Cyprus.
Vibrana Holdings is the sole shareholder of The Cyprus Tourism Development Company Ltd, which owns The Landmark Nicosia Hotel in Cyprus.
Prodea will retain 49 percent in Vibrana Holdings Ltd and Flowpulse Ltd, a company owned by Invel Real Estate, will retain 10 percent.
The final consideration for the transaction will be determined at the date of transfer of shares initially setting an agreed value for the real estate assets at 61.3 million euros.
The completion of the transaction is subject to approval by the Cypriot competition commission.
The transaction is estimated to be completed by 30 March 2021.
“Following the recent sale of selected real estate properties from Prodea to YODA Group, today we announce a broader cooperation on a larger scale, which marks a milestone for our group,” said Aris Karytinos, CEO Prodea Investments.
“We believe that the dynamics which will spring from the collaboration of Invel, Prodea and YODA Group, through our joint company that will focus on the development and operation of hotels and related F&B, primarily in Greece and Cyprus, will be the foundation for a very successful course always aiming at the optimal return for our shareholders,” he added.
Papalekas is the founder of Globalworth Real Estate, which is one of the leading office building firms in Romania. He is also the owner of luxury restaurant Nammos Mykonos.