Prodea, a leading real estate investment company in Greece, recently informed investors about its latest business venture, which involves increasing its stake in Mediterranean Hospitality Venture PLC (MHV). As highlighted in the announcement, Prodea has completed the acquisition of a 55% stake in MHV from the Cypriot company, Yoda PLC. “This acquisition significantly strengthens Prodea's presence in the hotel industry. It contributes to a notable increase in the size of our real estate portfolio in the hospitality sector, now valued at €660 million and encompassing approximately 1,800 rooms,” stated Prodea.

In addition, it was announced that the Cypriot company, Yoda, acquired a 5.22% share in Prodea. “This strategic investment confirms the confidence experienced international investors, such as Yoda, have in Prodea's growth prospects and its team, which combines exceptional local market knowledge with international expertise,” the announcement noted.

Following the announcement on December 11, 2023, PRODEA Investments disclosed that on January 24, 2024, it completed the acquisition of an additional 55% stake in Mediterranean Hospitality Venture PLC from the Cypriot corporate group Yoda PLC. This acquisition increases Prodea's total shareholding in MHV to 80%. The total purchase price amounted to €254 million.

The acquisition significantly enhances Prodea's footprint in the hotel sector, adding considerable value to its real estate portfolio in the hospitality arena, which now stands at €660 million, including around 1,800 rooms. Leveraging MHV's expertise in the hotel industry and the synergies that will arise in both existing and future hotel units, Prodea aims to make MHV a leading high-standard hospitality company in Southern Europe.

Simultaneously, as part of its ongoing effort to expand and diversify its shareholder base, Prodea is pleased to announce that on January 24, 2024, Yoda PLC, a prominent Cypriot corporate group, acquired a 5.22% stake in Prodea. “This strategic investment reaffirms the trust experienced international investors, like Yoda, place in Prodea's development prospects and its team, which combines exceptional local market knowledge with international expertise,” the company stated.

Aris Karytinos, CEO of Prodea, noted, “Yoda PLC's investment in Prodea is a vote of confidence in our vision, strategy, and the capabilities of our entire team. We welcome Yoda PLC and look forward to capitalizing on their experience and skills to create new opportunities and strengthen our market position.”

Alon Bar, CEO of Yoda, stated, “In collaboration with Prodea and Invel, we are proud to have positioned MHV, over the past three years, as one of the leading hospitality platforms in the Mediterranean. We are confident that Prodea has the right guarantees to continue this developmental trajectory. The real estate sector remains a cornerstone of the Yoda Group, and we stay focused on leveraging development opportunities in this strategically important sector. We decided to invest in Prodea as it is the largest and most diversified real estate investment company in Greece, excellently positioned in different real estate sectors, and we believe in its ability and commitment to further create value in its portfolio.”