Marinakis sells 18% stake in gas carrier Capital Product Partners to YODA PLC for $160m

YODA PLC — a diversified Cypriot group primarily active in the hotel and real estate business — has entered the shipping sector by acquiring an 18% stake in Capital Product Partners (CPLP) for $160m.

International businessman and investor Evangelos Marinakis, the Founder and Chairman of Capital Maritime Trading Corp. and one of the leading shipowners in the maritime industry, has revealed in a filing that Capital Maritime, the private shipping firm he controls, sold 10m of CPLP’s common units to YODA at $16 each.

The $160m deal has made YODA PLC the US-listed gas carrier firm’s second-biggest shareholder.

Capital Product Partners LP is an international shipping company engaged in the seaborne transportation of natural gas, containerised goods and dry cargo.

It also worth noting that Ioannis Papalekas, well-known for his profitable investments in Cyprus, Greece, Romania and Poland, has been a shareholder in YODA from the start.

The new agreement follows YODA in December 2023 selling 55% of MHV Mediterranean Hospitality Venture PLC to Prodea Real Estate Investment Company S.A. Once approved by the relevent authorities, the transaction is expected to be finalised in the first quarter of 2024 and once complete, will see Prodea Investments hold an 80% stake in MHV.

Returning to the agreement between YODA and Capital Product Partners, meanwhile, in an official announcement, YODA PLC said that the company’s Board of Directors on 27 December 2023, unanimously approved its entry into a unit purchase agreement with Capital Maritime & Trading Corp., relating to the acquisition of 10,000,000 common units representing limited partnership interests in Capital Product Partners L.P. (CPLP) for the total consideration of US$ 160,000,000, settled by the company in cash.

“The Transaction consideration has been agreed between the transacting parties. The Transaction constitutes a transaction at arm’s length and is part of the Company’s business plan to further invest and expand its activities in the shipping sector, as CPLP is an international shipping company engaged in the seaborne transportation of natural gas and it is expected that the investments it holds shall assist the Company in achieving its goals and long-term shipping investment plans,” the announcement noted. “More specifically,” it continued, “CPLP is one of the leading US publicly listed owner of two stroke LNG carriers with 8 currently operational and another ten under orders to be delivered within the next 3 years. CPLP is well positioned to take advantage of the strong fundamentals of the LNG industry with six open LNG/Cs delivering between 2026-2027 and rights of first refusal on a unique fleet of LCO2 and ammonia carriers.”

More about YODA PLC

YODA PLC is a public limited liability company listed on the Cyprus Stock Exchange.

The Company’s investment objective is to provide shareholders and potential investors with capital appreciation from its investment portfolio and distributions.

The Company invests in a diversified portfolio in terms of geography, strategy, lifecycle, and industry. This includes, but is not limited to, investments in the areas of real estate, technology, shipping, and healthcare, the company’s website notes.

Until YODA sold its 55% share of its MHV shares to Prodea late last year, YODA, Invel Real Estate, and Prodea Investments were strategic partners in MHV Mediterranean Hospitality Venture PLC which was launched in 2020 and is active in the hospitality and real estate sectors of Cyprus and Greece. It counts a number of luxury hotels and resorts, residential complexes and offices in its portfolio including the Parklane, Aphrodite Hills and The Landmark Nicosia.

Invel’s Managing Partner and Prodea Board President, Christophoros Papachristophorou in 2023 confirmed that MHV, Invel and Prodea, jointly own properties, with more than 1,200 keys, mainly in Greece, Cyprus and Italy.