Insider Business Invel eyes more development projects in Cyprus

Invel eyes more development projects in Cyprus

More big development projects in Cyprus are on the cards for Cypriot investor Christophoros Papachristophorou who is the Founder and Managing Partner of Invel Real Estate.

This is what he told Insider Magazine in an in-depth interview.

Over the recent years, Papachristophorou took over Aphrodite Hills Resort, The Landmark (former Cyprus Hilton) in Nicosia and other prime properties sold by Bank of Cyprus as part of its property for loans swap strategy.

Invel is an investment firm focusing on real estate and distressed debt opportunities across Europe. It is the largest ever investor in the Greek real estate market and now holds a circa 98.1% shareholding in Pangaea – the largest real estate investment company in Greece. Constant investment across Europe is taking place through Pangaea, Papachristophorou also said.

Invel owns properties in Italy, England and Poland, while its most recent acquisition is Nikki Beach Resort in Porto Heli, Greece, and three other currently indebted hotels in Crete. Invel has also set up a representative office in Athens quite recently. At the same time, the company has carried out the investments in Cyprus.”The total value of assets currently controlled by Invel is over €3 billion. Pangaea holds the biggest share, over 70%,” said Papachristophorou.

“We want to have the full confidence of Invel’s investors, and this is achieved through the development of a history of good returns but also through good management which creates that confidence. This is how we pave the way for raising additional necessary funds,’’ he added.

As for bank lending, Invel’s asset-to-equity ratio is between 50 to 60%.

Asked to comment on criticism over the business model he applies in view of Invel’s most recent big acquisitions, he stressed that all investments carried out are carefully studied. And that they the result of  concrete investment plans.

 

The full interview is published in Sunday July 14’s edition of Insider

 

Read more:

https://in-cyprus.com/nicosia-hilton-renamed-the-landmark-nicosia-by-new-owners/

 

 

 

 

 

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