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Prodea, Invel, Papalekas join forces in the hospitality sector

Prodea Investments AEEAP, Invel Real Estate and Ioannis Papalekas, founder and former head of Globalworth, have joined forces, and cooperate mainly in the hospitality sector with investment in Greece and Cyprus. The specialized vehicle will be based in Cyprus.

In particular, as announced, Invel Real Estate, PRODEA Investments and the Cypriot group of companies YODA Group of Mr. Ioannis Papalekas, signed a contract for the transfer of a 41% stake held by PRODEA in Vibrana Holdings Ltd to a company of interests of Mr. Papalekas. Papalekas owns 100% of the shares of The Cyprus Tourism Development Company Ltd, owner of The Landmark Nicosia hotel in Nicosia.

PRODEA Investments holds a 49% stake in Vibrana Holdings Ltd. Flowpulse Ltd, owned by Invel Real Estate, retains 10%. The final price for the transaction will be determined on the date of the shares considering as real estate value €61.3 m, and will be adjusted according to the percentage that will be transferred, taking into account data of the financial position of the company on December 31, 2020.

In order for the transaction to be completed the approval from the Competition Protection Committee of Cyprus is necessary. The transaction is estimated to be completed by the end of March.

This transaction is essentially the first step for a wider cooperation between Invel, PRODEA and YODA in the hotel and tourist area in the Mediterranean region, with emphasis on investments in Greece and Cyprus, through a specialized vehicle based and administrated in Cyprus.

Original Source: Newmoney.gr

Adaptation/Summary: Kiki Athanasiadis

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