Andreas Panayiotou’s Ability Group has added to its European portfolio with the purchase of Heron International’s Club Med Kamarina holiday village in Sicily.
The holiday village, which is aimed at families, comprises 636 rooms, a hotel and an assortment of leisure facilities. It will be placed in Ability Group’s pan-European mixed property portfolio which Panayiotou hopes to grow to more than E4bn (£2.9bn) by 2010.
He said: ‘When we were presented the opportunity to acquire the largest resort in their (Heron International) global hotel portfolio we grabbed it. Sicily is a beautiful island with lots of further growth potential, especially with increasing tourist numbers and infrastructure development’.
The village sits on a 235 acre plot in Kamarina to the south-east of Sicily. It is rented by Club Med until December 2021 with generates a rental income of about €4.2m (£3.1m).