Insider Business Pangaia in deal to acquire portfolio of properties in Cyprus and Greece

Pangaia in deal to acquire portfolio of properties in Cyprus and Greece

NBG Pangaea Real Estate Investment  on Monday announced  that it has completed an agreement with Bank of Cyprus for the acquisition of a portfolio of properties in Cyprus.

The deal was completed through the purchase of 100% of the management shares and 88.2% of the investment shares of CYREIT Variable Investment Company PLC  based in Cyprus .

The temporary consideration for the Completed Transaction was set at €137.9 million, of which €3.2 million will be paid out gradually subject to conditions that have been agreed to between the parties.

In July, the consideration is expected to be finalised by an independent auditing firm, and any readjustment to the consideration may be paid by the seller or the purchaser to the other party by July 31, 2019 (or later if the parties agree in writing).

With regard to the purchase of two adjacent commercial real estate properties in Athens, the first at Syggrou Avenue and Lagoumtzi str., and the second at Evridamantos and Lagoumitzi streets, the parties agreed that the final purchase deed for these properties shall be signed by 30 July 30, or later if the parties agree), for a consideration of €10 million, between Bank of Cyprus (as seller) and the  “Panterra Real Estate Development and Establishnment SA” (as purchaser) in which the Company participates at a level of 49%.

CYREIT, which has been incorporated as an Alternative Investment Fund (AIF), owns, through its subsidiaries, 21 commercial properties (e.g., offices, retail, big boxes, hotel) with a total gross surface area of more than 120,000 sq.m., in Cyprus (Nicosia, Limassol, Larnaca and Paphos).

CYREIT is supervised by the Cyprus Securities and Exchange Commission (CySEC) and its investment shares are listed
on the Cyprus Stock Exchange.

Read more

https://in-cyprus.com/pangaia-raises-profile-in-nicosia-property-sector/

Top Stories

EU privacy watchdog calls for pan-European mobile app for virus tracking

The European Data Protection Supervisor (EDPS) called on Monday for a pan-European mobile app to track the spread of the coronavirus instead of the...

Interior Ministry rejects criticism over conditions at reception centres

The Interior Ministry on Monday rebuffed criticism over conditions at the Kophinou and Kokkinotrimithia reception centres for asylum seekers and said that it is...

Karaiskakio Foundation donates 10,000 cotton buds for Covid-19 tests

The Karaiskakio Foundation in Nicosia has donated to the public and private sector 10,000 cotton swabs for Covid-19 testing worth €5.000, the Cyprus News...

Cyprus to tap the markets with 7-year and 30-year bonds

Cyprus announced its intention to proceed with the issuance of 7-year and a 30-year euro-denominated bonds in a bid to strengthen its cash reserves...

Covid-19 measures, moving Easter celebrations and repatriating students on cabinet’s agenda

The possibility of extending measures in place to curb the spread of coronavirus until the end of April, the repatriation of Cypriot students and...

Taste

Halloumi bread

Sift the flour with the salt into a bowl and mix in the yeast and lemon rind. Make a well in the centre of...

Pantzaria salata (Beetroot salad)

Rinse the beetroot, cutting the leaves off if they have any (the leaves can be boiled and served with olive oil and lemon). Put...

Tahinopita (Tahini pie)

A Tahinopita is a sweet pastry that is made of tahini paste (roasted sesame seed puree), with local carob syrup. Although enjoyed all year...

Olive pies with orange juice

Mix the flour with the oil until it has all been absorbed.  (you can do this in a mixer). Then, make a well in...