The agreement was completed with the Bank of Cyprus. Pangaea purchased the 100% of the management shares and 88.2% of the investment shares of CYREIT Variable Investment Company PLC.
The temporary consideration for the transaction was set at €137.9 m. euros, of which €3.2 m will be paid out gradually.
The consideration is expected to be finalized by an independent auditor, and any readjustment may be paid by July 31.
Regarding the purchase of two adjacent commercial real estate assets in Athens, one of which has a total surface of 6.9 thousand sqm and is located on Syngrou & Lagoumtzi Avenue and the second is a total area of approximately 2 km2 and is located on the streets Eyridamantos and Lagoumtzi, the parties agreed to sign the final purchase agreement until 30 July 2019 at a price of € 10 million. The agreement will be signed by the Bank of Cyprus Panterra RE Company.
CYREIT owns, through its subsidiaries, 21 commercial properties including offices, retail, hotels, in Nicosia, Limassol, Larnaca and Paphos. It was set up by the Bank of Cyprus as a vehicle for the sale of properties acquired by the lender through arrangements for NPLs.