The signing of the contract for the acquisition of shares representing a percentage of 55% in the company Mediterranean Hospitality Venture PLC (MHV) from the company of the “YODA Group” marks the greater emphasis that Prodea Investments places on tourist properties.
MHV is active in the hotel industry, the development and exploitation of real estate. Its portfolio includes luxury hotels and resorts as well as office and residential development projects and its shares are listed on the Cyprus Stock Exchange.
The fair value of its properties (investment properties, tangible fixed assets and property inventories) on June 30, 2023 amounted to 555.268 million euros.
Prodea did not disclose the amount it will pay for the acquisition of 55% of MHV. However, based on the value of its real estate portfolio, it is estimated to be a transaction worth more than 250 million euros.
More specifically, MHV is the owner of The Landmark Nicosia, Parklane, a Luxury Collection Resort & Spa Limassol hotels in Cyprus and Nikki Beach and Porto Paros hotels in Greece. It also owns 50% of the share capital of the Aphrodite Hills Resort company.
The transaction is subject to the approval of the Cyprus Competition Protection Commission and is estimated to be completed within the first quarter of 2024.
After the completion of the transaction, Prodea will own 80% of MHV compared to 25% it owns now, while 20% belongs to the Invel investment fund of Christoforos Papachristophoros, who is the executive chairman of Prodea.
