Greek real estate investment company (REIC) Pangaea has agreed to purchase the Hilton hotel in Nicosia, tightening its grip on the Cypriot market.
The Greek REIC will take a 90 percent stake in the hotel, with UK based Invel Real Estate Management acquiring the remaining 10 percent stake. The total price for the Hilton came to 54.9 million euros.
The Cyprus Tourism Development Public Company Limited (CTDC) is currently the owner of the Hilton Cyprus hotel, the only 5 star hotel in Nicosia, with a capacity of approximately 300 rooms, said Pangaea in a statement.
The deal is subject to approval by Cyprus competition authorities.
Pangaea, the real estate arm of National Bank of Greece, is Greece's largest REIC. Its portfolio is worth about 1.6 billion euros and consists of more than 330 commercial properties.
The move is the latest deal for Pangaea on the small Mediterranean nation. In November, it purchased from Bank of Cyprus a bundle of 23 properties located on the island state and in Athens in a deal worth 149 million euros.
Invel holds 65 percent of Pangaea.
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