BOCY sells 65% stake in Aphrodite Hills to US in­vestors

Financial Mirror (Cyprus) - - FRONT PAGE -

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.

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