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RREEF in Cyprus property deal September 21, 2007

Posted by grhomeboy in Business & Economy, Cyprus News, Hotels Cyprus.
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RREEF, the property investment arm of Deutsche Bank, said yesterday it had bought Lanitis Development Public Ltd in a debut Cypriot deal which valued the firm at 126 million euros.

RREEF also announced its first foray into the regional UK hotel sector with the acquisition of privately owned Four Pillars Hotel Group, owner of five hotels in central and western England. A source familiar with the matter said RREEF had paid around 120 million pounds for Four Pillars. As well as buying 97.8 percent of the shares in Lanitis Development, whose main asset was the Aphrodite Hills resort, RREEF said it had bought 1.1 million square meters (11.84 million sq ft) of land in Cyprus from the Lanitis Group.

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