Invel and Pangaea complete the acquisition of a majority stake in Aphrodite Hills, Cyprus

Invel, the investment firm focusing on real estate and distressed debt opportunities across Europe, announces that alongside NBG Pangaea REIC (“Pangaea”) and another major institutional investor, it has acquired a majority stake in Aphrodite Hills Resort Limited and Aphrodite Springs Public Limited in Pafos, Cyprus for c. €50 million.

Aphrodite Hills Resort comprises 234 hectares of land, including a 500,000 sq m golf course, over 750 luxury villas and apartments, tennis academy, conference facilities and numerous sports, leisure and dining options. It has recently been awarded the “European Golf Resort of the Year 2018” and the “European Golf Course of the Year 2018/2019”. The Resort includes the Aphrodite Hills Hotel by Atlantica, with 290 rooms and suites, and the only certified PGA National Cyprus golf course. Pangaea and its partners will aim to continue the expansion of the resort, with plans to deliver additional housing on the resort.

Aphrodite Springs comprises more than 150 hectares of land that is adjacent to Aphrodite Hills Resort, which is licensed to develop a golf course and 125,000 sq m of residential and mixed-use properties.

Invel’s Founder and Managing Partner, Christophoros Papachristophorou, said: “The acquisition of Aphrodite Hills is exactly the sort of strategic investment that we want to increase our exposure to and we believe there remain significant opportunities for meaningful value in Southern Europe. We now look forward to working with the team to realise the resort’s full potential.”

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Media Enquiries
For Invel: Henry Columbine/Polly Warrack t: +44 (0)20 3757 6890
Newgate Communications e: invel@newgatecomms.com
For Castlelake: media.relations@castlelake.com

Notes to Editors:

  • Invel Real Estate Management (“Invel”) was established in March 2013 to take advantage of opportunities in the European real estate markets by offering investors the ability to co-invest on a transaction-by-transaction basis.
  • Invel brings together a team of investment professionals with several decades of investment experience across real estate asset classes in Europe. Their combined transaction experience is in excess of €20bn of real estate gross asset value, having completed numerous landmark transactions with successful results.
  • Invel is headquartered in Jersey and, through its affiliated entities, has offices in the United Kingdom, Italy, Greece, Cyprus, Luxembourg and the Netherlands. Invel’s local presence and in-depth experience in selected European markets allows it to identify and efficiently execute a broad range of real estate investment opportunities.
  • Invel currently manages around €2.3bn of assets across Europe.