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Aphrodite Hills sold

The Bank of Cyprus has finalised the sale of its share in the Aphrodite Hills Limited at Kouklia, in which it acquired a 75 per cent shareholding in 2014 as part of its management of large exposures.

Aphrodite Hills BANK of Cyprus completed the sale of its stake in Aphrodite Hills Ltd to a group of investors, for €90 million, keeping a minority stake of 10%.

According to the announcement, “further to the agreement reached by the Bank of Cyprus for the sale of its equity stake in Aphrodite Holdings Ltd, the holding company of the Aphrodite Hills Resort, to a group of investors including Invel Real Estate Management Ltd and funds managed by York Capital Management, the Bank announces that the Commission for the Protection of Competition in Cyprus has declared the transaction compatible with the conditions of the competitive market.

“The agreement values the Company in excess of €90 million and according to its terms, the Bank will retain a 10% minority equity stake in the Company. The Bank had acquired 75% of the Company’s equity stake from the previous majority shareholder in October 2014.”

The execution of the transaction was subject to the Commission for the Protection of Competition’s consent.

The Aphrodite Hills Resort is involved in the development and sale of residential property and the ownership and administration of a golf resort and a 290 room hotel.

Readers' comments

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  • steve R says:

    And who are on the board of the Commission for the protection of competitions. There will be some nice cheap shares going about now.
    And who are on the board of Invel too. It would be very interesting to get this information

  • Deanna says:

    Who are the investors behind the company names – ‘Invel’ and ‘York’?

  • houlou says:

    what loss if any did bocy make?

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.


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