Insider Business Greece’s Prodea Investments and Bank of Cyprus build up strong ties

Greece’s Prodea Investments and Bank of Cyprus build up strong ties

Greece-based Prodea Investments (former NBG Pangaea REIC) and Bank of Cyprus have developed strong business ties over the recent years much to the benefit of both sides, insiders told Phileleftheros.

The company operates in the real estate investment market both in Greece and abroad. The Group’s real estate portfolio consists of commercial properties, primarily of office and retail properties.

Bank of Cyprus has not only sold such properties under its possession to the Group but went a step further brokering lending agreements for the implementation of grand projects.

Specifically, Prodea Investments entered into a €32m bond loan agreement with the Bank of Cyprus last April. The bonds which mature in three years bear a 3M Euribor interest rate plus a 3.5% margin.

The Greek company’s six-month results said this loan went exclusively towards the capital increase of subsidiary Vibrana Holdings Ltd. This is the company that acquired The Landmark Hotel (formerly Cyprus Hilton).

At the same time, the company has signed a contract for another bond loan with Bank of Cyprus amounting to €90 million. The bonds mature in ten years and bear a 6-month Euribor plus a margin of 3.35%.

The loan was used to finance part of the acquisition of 100% of shares and 88.2% of CYREIT of investments which is the real estate fund that was set up by Bank of Cyprus and sold to Pangaea.

As expected, many Pangaea properties in Cyprus are mortgaged with the Bank of Cyprus. Prodea has significantly increased its Cyprus investments which now account for 17% of the Group’s assets and amount to €2.2 billion.

The possibility is open for more high profile investments in Cyprus by the Greek company which is 98.1%-controlled by Castlelake.


Read more:

Top Stories

UK to set out new tougher COVID border measures, PM Johnson says

British Prime Minister said the government would set out new tougher border measures later on Wednesday (January 27) , adding there were no easy...

Μeasures at airports and for flights in place until March 1st

The Μinistry of Transport announced that the Cabinet on Wednesday decided to extend the measures at airports and for flights taken to prevent the...

EU warns AstraZeneca over delay in delivering Covid-19 vaccine: “not acceptable”

Stella Kyriakides, the European Commissioner for Health and Food Safety, stated on Monday that AstraZeneca's new schedule in which the company's supply of COVID-19 vaccine would fall...

Auditor General finds mistakes and omissions in Youth Board of Cyprus

The Audit Office found mistakes and omissions regarding the operation of the Youth Board of Cyprus, particularly regarding the payment of sponsorships to the...

Second investigation in the case of cataract patients

The Health Ministry will proceed with a second investigation of the case of the eight patients who were operated for cataract at a private...


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...