Insider Business Greece’s Pangaea a big client of Bank of Cyprus

Greece’s Pangaea a big client of Bank of Cyprus

At a time when loans are hard to get, Greece’s leading real estate investment company NBG Pangaea is becoming one of Bank of Cyprus’ best clients.

The Greek company has substantially increased its investments in Cyprus over the recent years, but even more over recent months, according to its financial results for 2018.

The results show that agreement was reached between Pangaea and Bank of Cyprus for loans of dozens of millions of euros. These funds went towards investments in Cyprus, including the recent acquisition of Nicosia’s five star hotel, Cyprus Hilton, as well as of CYREIT Variable Investment Company Plc, a subsidiary of Bank of Cyprus.

Specifically, the company reached an agreement for a €32 million bond loan with the Bank of Cyprus on April 18, 2019. Bonds are of three-year maturity with the right of extension for another seven years, subject to specific conditions, and bear a 3-month Euribor plus a 3.5% margin.

The loan’s total amount was disbursed on the same day and used exclusively to finance the share capital increase of Pangaea’s subsidiary Vibrana Holdings Ltd through which the major stake in the company controlling Hilton was acquired.

In addition, Pangaea signed an agreement for a bond loan amounting €90 million with the Bank of Cyprus on April 12, 2019. The bonds are of 10-year maturity and bear a 6-month Euribor plus a margin of 3.35%. The loan will be used to finance part of the 100% acquisition of management shares and 88.2% of investment shares of CYREIT fund.

Pangaea’s subsidiary Quadratix Ltd also got a loan from Bank of Cyprus back in January 2018 for the amount of €15 million with a 6-month Euribor plus a margin of 3.65%.

Read more:

Top Stories

122 new cases, one death announced on Friday

The Health Ministry announced the death of one person due to COVID-19. This raises the death toll from the virus in Cyprus to 179,...

Where to get antigen rapid tests on Saturday

The Health Ministry announced the following antigen rapid test sites for Saturday, 23 January 2021: LIMASSOL Grigoris Afxentiou Square 08:30-16:30 Gafkos Clerides Park, Germasoyia 08:30-16:30 Municipal Hall Ypsonas...

Civil servants’ trade union requests psychological support for health professionals

PASYDY, the civil servants’ trade union requested psychological support for health professionals due to the consequences of COVID-19 on their health. The trade union noted...

Scientific advisory committee to convene on Monday under President Anastasiades

Cyprus President, Nicos Anastasiades, will preside on Monday morning over a meeting of the scientific advisory committee on COVID-19. According to CNA information, during the...

Polish medics depart for Slovakia to help mass testing

A group of 200 Polish medics departed for neighbouring Slovakia on Friday (January 22) to help in a week-long testing campaign in the central...


Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...


No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...