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Notification of a concentration concerning the acquisition of joint control of Cyprus Tourism Development Public Company Limited by Invel Real Estate Partners Three Ltd, Prodea Real Investment Company SA and Papabull Investments Ltd, via Vibrana Holdings Ltd
01/02/2021


The Service of the Commission for the Protection of Competition has received a notification of a concentration, according to Section 10 of the Control of Concentrations between Enterprises Law of 2014, concerning the acquisition by Papabull Investments Ltd of part of the share capital of Vibrana Holdings Ltd, which is the owner of Cyprus Tourism Development Public Company Limited. The rest of the share capital of the said company will continue to be controlled by Prodea Real Estate Investment Company S.A and Invel Real Estate Three Limited (μέσω της Flowpulse Limited).

Invel Real Estate Three Limited, is a company duly registered under the laws of the Channel Islands and was established to act as a co-investment vehicle for the Invel Group. Invel group of companies primarily focuses on investment opportunities in the European real estate markets by offering investors the ability to co-invest on a transaction-by-transaction basis.

Flowpulse Limited is a company duly registered in accordance with the laws of the Republic of Cyprus. The said company is a subsidiary of Invel Real Estate Three Limited and has part of Vibrana’s share capital.

Prodea Real Investment Company SA (formerly known as NBG Pangaea Real Estate Investment Company) is a company duly registered in accordance with the laws of Greece, listed on the Athens Stock Exchange. Prodea Real Investment Company SA and its subsidiaries are engaged in investments in the real estate market and are active in the management and exploitation of real estate.

Papabull Investments Ltd is a company duly registered in accordance with the laws of the Republic of Cyprus. Papabull is active in the field of real estate investment and hospitality.

Vibrana Holdings Ltd is a company duly registered in accordance with the laws of the Republic of Cyprus. Vibrana's shareholders are Prodea Real Investment Company SA and Invel Real Estate Three Limited, through Flowpluse Limited. Vibrana currently owns 100% of Cyprus Tourism Development Company Limited.

Cyprus Tourism Development Public Company Limited is a private company, duly registered in accordance with the laws of the Republic of Cyprus. The Target Company owns, operates and manages a five-star hotel (5*), which operates under the name The Landmark Nicosia Hotel in Nicosia.








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