BUSINESS

Pangaea buys Cypriot firm’s property portfolio

TAGS: Business, Property

Leading real estate investment company NBG Pangaea signed an agreement on Monday for the acquisition of a portfolio of 21 properties, mainly in Cyprus and totaling 120,000 square meters, from CYREIT Variable Investment Company Plc, a subsidiary of Bank of Cyprus.

According to the terms of the transaction, which is worth 149 million euros, Pangaea will obtain 88.2 percent of the investment shares and 100 percent of the management of CYREIT, which means it will acquire full control of properties in Nicosia, Limassol, Larnaca and Paphos.

Besides the Cyprus-based properties – which include stores, offices and hotels – the portfolio also includes two commercial properties in Athens: The first is on the corner of Syngrou Avenue and Lagoumitzi Street and covers 6,900 square meters, and the second is on the corner of Evrydamantos and Lagoumitzi streets and covers 2,000 sq.m.

The agreement must be completed by March 29, 2019. The transaction takes Pangaea’s investment program this year to 210 million euros.

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