RREEF has made its first investment in the Cypriot real estate market with the acquisition of Lanitis Development, a publicly-listed real estate development company, whose main asset is the Aphrodite Hills resort. RREEF, the real estate fund of Deutsche Bank, is making the purchase through a joint venture with the Lanitis Group. RREEF holds 75% and Lanitis Group 25% of the joint venture which has bought 97.9% of the share capital of Lanitis Development.
RREEF has made its first investment in the Cypriot real estate market with the acquisition of Lanitis Development, a publicly-listed real estate development company, whose main asset is the Aphrodite Hills resort. RREEF, the real estate fund of Deutsche Bank, is making the purchase through a joint venture with the Lanitis Group. RREEF holds 75% and Lanitis Group 25% of the joint venture which has bought 97.9% of the share capital of Lanitis Development.
Under the terms of the agreement, RREEF and the Lanitis Group will collaborate in the origination and execution of similar projects in Greece and Cyprus. They have already started considering various opportunities.
In a statement, RREEF said that Aphrodite Hills is one of the premier integrated resorts in South East Europe. It comprises a 5-star InterContinental resort hotel, an 18-hole championship golf course, a golf academy, spa facilities, a tennis academy, a village square with shops and restaurants and approximately 200 remaining residential units for sale or rental. Also part of the transaction is an additional 1.1 million m2 land bank adjacent to the resort on which the joint venture intends to develop further residential units and a second 18-hole championship golf course.
RREEF director Dimitris Raptis said, 'We are delighted to be taking our first step in the Cyprus real estate market by investing in a sector with such positive fundamentals.'