NICOSIA, June 28 (Xinhua) -- NBG Pangaea Real Estate Investment Company of Greece announced on Friday that on June 25, 2019 an agreement was completed with Bank of Cyprus Public Company Limited for the acquisition of a portfolio of properties in Cyprus, through the purchase of 100 percent of the management shares and 88.2 percent of the investment shares of Cypriot CYREIT Variable Investment Company PLC.
The temporary consideration for the transaction was set at 137.9 million euros (157 million U.S. dollars), of which 3.2 million euros will be paid out gradually subject to conditions that have been agreed to between the parties.
In July, the consideration is expected to be finalized by an independent auditing firm, and any readjustment to the consideration may be paid by the seller or the purchaser to the other party by July 31, 2019 (or later if the parties agree in writing).
CYREIT, which has been incorporated as an Alternative Investment Fund (AIF) and is listed on the Cyprus Stock Exchange, owns, through its subsidiaries, 21 commercial properties including offices, retail, big boxes, hotel, in Nicosia, Limassol, Larnaca and Paphos.
CYREIT was set up by Bank of Cyprus as a vehicle for the sale of properties which were acquired by the lender through arrangements for non-performing loans. (1 euro=1.14 U.S. dollars)
