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 Invel Real Estate Management Limited (“Invel”), via NBG Pangaea Real Estate Investment Company (“Pangaea”), Invel Real Estate Partners Two Limited (“IREP2”) and Invel Real Estate Partners Three Limited(“IREP3”) of the share capital of Aphrodite Hills Resort Limited (“AHRL”) and Aphrodite Springs Public Limited (“ASPL”).
Invel, is a company duly registered under the laws of Jersey. 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.
Pangaea is a company, duly registered under the laws of Greece. The said company is active in the market of real estate investment and in the management and operation of real estate throughout Greece.
IREP2 and IREP3 were established in 2018 to act as co-investment vehicles for the Invel group.
AHRL and ASPL (the target companies) are duly registered under the laws of the Republic of Cyprus. AHRL is active in the development of resorts and recreational areas, and in the management and operation of hotel accommodation. ASPL is active in the development of golf and other related constructions and the development of real estate, including the division of land into building plots.