CySEC Announces Dissolution and Liquidation of Three Lions Real Estate RAIF

Three Lions Real Estate RAIF Initiates Dissolution

On 15 July 2026, the Cyprus Securities and Exchange Commission (CySEC) announced that Three Lions Real Estate RAIF V.C.I.C. Public Ltd has formally initiated procedures for its dissolution and liquidation. The notification was submitted to the regulatory authority by the entity's appointed external manager, Consulco Capital Limited, in full compliance with the statutory framework governing alternative investment vehicles in Cyprus.

Three Lions Real Estate RAIF V.C.I.C. Public Ltd is registered in CySEC's official records under registration number RAIF178. Operating as a Registered Alternative Investment Fund (RAIF) structured as a Variable Capital Investment Company (V.C.I.C.), the vehicle represents a key legal structure utilized within the Cypriot funds sector. Under national legislation, RAIFs do not require direct authorization from CySEC to launch; instead, regulatory oversight is established indirectly through an authorized external fund manager—in this case, Consulco Capital Limited—which assumes full regulatory and administrative responsibility for the fund's operations.

Understanding the Statutory Procedure

The formal notification provided by Consulco Capital Limited relies on Article 138(7)(a) of the Alternative Investment Funds Law of 2018. This legislative provision obliges external managers to immediately inform the national supervisory authority whenever an investment fund under their management enters a process of winding up or dissolution. The law ensures that regulatory registers accurately reflect the operational status of funds, preserving market integrity and transparency for investors and counterparties.

In its official communication, CySEC outlined the key operational and administrative stages that will govern the liquidation process going forward:

• Registry Retention: Until the dissolution and liquidation proceedings are fully finalized, the fund will remain officially listed in the RAIFs Registry maintained by CySEC.
• Status Designation: To maintain public transparency, the fund's listing on CySEC's public website will carry a clear designation indicating that it is "under liquidation."
• Final Deletion: Pursuant to Article 138(9) of the Law, CySEC will permanently delete the entity from the RAIFs Register only after the liquidation procedure is completely concluded and all required legal and financial documents have been formally submitted to the commission.

Market Context and Strategic Implications

For market participants and institutional investors, the winding down of an investment fund via orderly liquidation is a standard phase in the lifecycle of collective investment schemes. Real estate RAIFs frequently operate with specified investment horizons or fixed terms, winding up naturally once underlying property assets are realized, liabilities are settled, and capital is returned to equity holders.

As the external manager, Consulco Capital Limited will oversee the liquidation procedure, ensuring that asset distributions and creditor settlements conform to statutory requirements and the fund's constitutional documents. Consulco Capital Limited is an established financial manager operating within the Cyprus fund ecosystem, specialized in direct investments and asset management services.

This latest regulatory announcement highlights the structured mechanisms embedded within Cyprus's investment fund regime. By providing public clarity regarding the status of RAIF178, CySEC underscores its commitment to robust market disclosure and rigorous administrative oversight throughout all stages of a fund's operational life.

This article covers an official CySEC announcement. For more information, corrections or tips, contact report@cyprus-insider.com.