U.K.-based investment firm Invel, which focuses on real estate and distressed-debt opportunities across Europe, has partnered with NBG Pangaea REIC and an undisclosed major institutional investor to acquire a majority stake in mixed-use development Aphrodite Hills Resort Ltd. and Aphrodite Springs Public Ltd. in Pafos, Cyprus, for an estimated €50 million.
Aphrodite Hills Resort covers approximately 580 acres of land and includes the Aphrodite Hills Hotel by Atlantica, with 290 rooms and suites, a certified PGA National Cyprus golf course, more than 750 luxury villas and apartments, a tennis academy, conference facilities and sports, leisure and dining options.
Pangaea and its partners plan to continue the expansion of the resort.
“The acquisition of Aphrodite Hills is exactly the sort of strategic investment that we want to increase our exposure to as we believe that hospitality investments in Southern and Southeastern Europe present opportunities to create significant value,” said Invel’s Founder/Managing Partner Christophoros Papachristophorou.