Elias Neocleous & Co LLC recently advised CPI Property Group (“CPI) on the Cypriot aspects of an acquisition of shares in Globalworth Real Estate Investments Limited (“GREIL”). CPI is a company listed on the Frankfurt Stock Exchange with a property portfolio of circa EUR 8 billion. The shares it successfully acquired had previously belonged to Mr. Ioannis Papalekas who held them via a Cyprus SPV. Mr. Papalekas is the founder of GREIL and was responsible for growing it into a successful business. GREIL is currently listed on the AIM of the London Stock Exchange with a market capitalization in excess of EURO 2 billion. Whilst he is no longer a shareholder in GREIL, Mr. Papalekas remains as CEO and will continue to be actively involved in the business.
This landmark deal is the latest in a series of complex multi-jurisdictional transactions advised on by the ‘Capital markets and corporate’ team of Elias Neocleous & Co LLC. It highlights the team’s position as the trusted advisor in Cyprus for handling such complex issues. In this instance the team was led by partners Elias Neocleous and Demetris Roti.