RREEF has made its first investment in Cyprus teaming up with Cypriot company Lanitis Group to buy Lanitis Development.
The real estate fund management arm of Deutsche Bank in a 75.25 joint venture with Lanitis Group bought 97.9% of the share capital of the publicly-quoted Lanitis Development whose main asset is the Aphrodite Hills resort.
The resort comprises a 5-star Intercontinental resort hotel, an 18-hole golf course, a golf academy, spa facilities, a tennis academy, a village square with shops and restaurants and around 200 apartments. There is also an additional 11m sq ft land bank next to resort and there are plans to develop further residential space and a second 18-hole championship golf course.
RREEF and the Lanitis Group have also formed a joint venture to carry out further developments in Greece and Cyprus.