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Invel is getting closer to acquiring Parklane

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Invel is getting closer to acquiring Parklane

The OK also gave the OK for the acquisition and acquisition of 100% of the shares of the company Parklane by Invel Real Estate Management (Cyprus) Ltd, of Christoforos Papachristoforos.

Specifically, the Service of the Competition Protection Commission received a notification of a merger regarding the acquisition by Papabull Investments Ltd, Invel Real Estate Partners Three Ltd and Prodea Real Investment Company SA of the share capital of Parklane Hotels Ltd, through Vibrana Holdings Ltd.

Invel Real Estate Three Limited, is a duly registered company under the laws of the Channel Islands and was established to act as a co-investment body for the Invel Group. This group focuses on investment opportunities in the European real estate markets, offering investors the opportunity to co-invest.

Flowpulse Limited is a company duly registered in accordance with the laws of the Republic of Cyprus. Flowpulse is a subsidiary of Invel Real Estate Three Limited and has a stake in Vibrana.

Prodea Real Investment Company SA (formerly known as NBG Pangaea Real Estate Investment Company) is a company duly listed under Greek law, listed on the Athens Stock Exchange. Prodea and its subsidiaries are involved in real estate investments and the active management and exploitation of real estate.

Papabull Investments Ltd is a company duly registered in accordance with the laws of the Republic of Cyprus. Papabull is active in the field of real estate investment and hospitality.

Vibrana Holdings Ltd is a company duly registered in accordance with the laws of the Republic of Cyprus. The shareholders of Vibrana will be Prodea Real Investment Company SA, Papabull Investments Ltd and Invel Real Estate Three Limited (through Flowpulse Limited). Vibrana also owns 100% of Cyprus Tourism Development Company Limited.

Parklane Hotels Limited is the owner and manager of the mixed tourism development consisting of (a) Parklane, a Luxury Collection Resort & Spa, Limassol and (b) the residential complex known as Park Tower consisting of twenty (20) residential units (in hereinafter referred to as “Park Tower”), two of which have already been leased on a long-term lease.

We remind you that following the announcements of the Company dated 26/10/2020 and 25/01/2021, regarding the Memorandum of Understanding which has been signed between the companies CCC Tourist Enterprises Public Company Ltd, Emerald Coast Properties Ltd and Invel Real Estate Management ( Cyprus) Ltd for the possible acquisition of 100% of the issued shares of Parklane Hotels Limited, the Company announces that the completion of the acquisition, which is subject, inter alia, to the completion of the due diligence study and final binding agreements, has been further extended until March 15, 2021.

Source: www.philenews.com

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