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:

https://in-cyprus.com/interest-in-a-new-boc-alternative-investment-fund/

Top Stories

UK study: Evidence of waning antibody immunity to COVID-19 over time

Antibodies against the novel coronavirus declined rapidly in the British population during the summer, a study found on Tuesday, suggesting protection after infection may...

Worldwide coronavirus cases cross 43.32 million

More than 43.32 million people have been reported to be infected by the novel coronavirus globally and 1,156,285​ have died, according to a Reuters...

Foreign Ministers of Greece-Cyprus-Israel meet in Athens

A trilateral meeting of the Foreign Affairs Ministers of Greece, Cyprus, and Israel takes place in Athens on Tuesday. The agenda of the meeting includes...

President Anastasiades reiterates Cyprus problem solution based on UN resolutions

Cyprus President Nicos Anastasiades has reiterated the unwavering commitment of his government to a solution of the Cyprus problem based on UN resolutions, the...

Erdogan provocatively says it’s time for two-state solution in Cyprus

Turkish President Tayyip Erdogan has said it was time for a realistic proposal about a two-state solution on the divided island of Cyprus to be discussed,...

Taste

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...

Mezedes

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...