BOCY sells 65% stake in Aphrodite Hills to US investors
Bank of Cyprus has been greenlighted by the Commission for the Protection of Competition (CPC) to sell a 65% controlling stake in the holding company of the Thomson Sensatori Aphrodite Hills Resort near Paphos, to a group of US-based investors, with an estimated benefit of EUR 58.5 mln.
Though transaction details were not revealed, the sale is part of the bank’s strategy to dispose of non-core or non-performing assets, thus reducing its risk in the hotel and real estate sector, with an estimated portfolio of EUR 3.5 bln.
The bank said that the deal values the parent company, Aphrodite Holdings Ltd, at more than EUR 90 mln and that it sold most of the 75% stake it acquired last October, to hedge fund York Capital Management and its property associates Invel Real Estate Management Ltd.
Bank of Cyprus said it will retain a 10% stake in the holding company which is involved in the development and sale of residential property and the ownership and administration of a championship 18-hole golf resort and a 290 room hotel.
Formerly part of the InterContinental chain, Aphrodite Hills closed for a major refurbishment last December and reopened in May this year, one of three luxury resorts operated by Thomson Sensatori and sold exclusively by TUI operators in the UK. However, the deal does not include the Aphrodite Hills residences and villas.
Thomson’s other two luxury properties opening this year were the Sensatori Resorts Ibiza and Fethiye in Turkey. The collection of luxury resorts, exclusive to Thomson, is now made up of nine properties including Jamaica, Mexico, Side (Turkey), Crete, Sharm El Sheikh and Tenerife.
Thomson offers seven-night holidays staying at the Sensatori Resort Aphrodite Hills on an all-inclusive basis from £843 per person.
In its first quarter report for 2015, Bank of Cyprus listed the 75% stake in the property which was “acquired as part of the Aphrodite group, which owns and manages a tourist resort and owns, develops and manages real estate properties in Cyprus.”
The group includes Malta-registered Aphrodite Holdings Ltd and Thalassa Holdings Ltd., and in Cyprus, Aphrodite Hills (Lakkos tou Frangou) Ltd, Aphrodite Hills Resort Ltd, Aphrodite Hotels Ltd, Aphrodite Hills Property Management Ltd, The Aphrodite Tennis And Spa Ltd and Aphrodite Hills Services Ltd.