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 of the share capital of Cyprus Tourism Development Public Company Limited by Invel Real Estate Management Limited (“Invel”) via Vibrana Holdings Limited (“Vibrana”).
Invel, is a company duly registered under the laws of Jersey of Channel Islands. The said company, which is the controlling entity of the Invel Group, 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.
Vibrana is a company duly registered under the laws of the Republic of Cyprus with no previous commercial activities. The said company, will be used by its shareholders, NBG Pangaea Real Estate Investment Company and Invel Real Estate Partners Three Limited, for the acquisition of the shares in the Target Company. NBG Pangaea Real Estate Investment Company is a company, duly registered under the laws of Greece and listed on Athens Stock Exchange. The said company is active in the market of real estate investment and in the management and operation of real estate throughout Greece. Invel Real Estate Partners Three Limited was established in 2018 to act as co-investment vehicle for the Invel group.
Cyprus Tourism Development Public Company Limited (“the Target company”) is a public company duly registered under the laws of the Republic of Cyprus and is not currently listed on the Cyprus Stock Exchange. The said company, operates and manages a five star (5*) hotel under the name Hilton Cyprus Hotel in Nicosia.