Aphrodite Hills is one of the premier integrated resorts in South East Europe, comprising 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 square meter 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.

The RREEF (75%)/Lanitis Group (25%) joint venture has successfully concluded a public offer for Lanitis Development through which they have acquired 97.9% of the share capital of the company. 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 and have already started considering various opportunities.

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. Through our partnership with the Lanitis Group and with the help of Lanitis Development’s excellent management team we believe we have good foundations to maximise the value potential of the company’s existing assets as well as further expand its investment portfolio over the coming years.”

Chris Papachristophorou, co-Chief Executive Officer, RREEF Europe said, “This acquisition and the creation of the joint venture leverages RREEF's fully integrated European platform and is consistent with the partnership-led investment model that has been successfully employed in other recent transactions.”

Platon Lanitis, Chairman of the Lanitis Group, commented: “We are proud to be joining forces with one of the largest alternative investments managers in the world. RREEF’s decision to invest in Cyprus and in Lanitis Development, demonstrates faith in the economy and its confidence in the capabilities of the company, whose strategy is to utilize the knowledge and expertise of its people to identify, explore, acquire and develop integrated resorts in Cyprus and abroad.”