National Bank-affiliated Pangaea Real Estate Investment this week announced increased its presence on Cyprus with the acquisition of the Nicosia Hilton Cyprus.
According to a press release, Pangaea acquired 96.82 percent of the shares of the Cyprus Tourism Development Public Co. Ltd., in cooperation with the latter's primary shareholder (65 percent), Invel Real Estate.
The cost for the 96.82 percent of shares held by CTDC is 54.9 million euros, acquired by Vibrana Holdings Ltd., of which Pangaea holds 90 percent and Invel 10 percent.
The Hilton Cyprus is the only five-star hotel in Nicosia, featuring some 300 suites.
