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Invest Cyprus 30/04-30/03/2019

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Nicosia Mall Deal for €96 Million

Nicosia Mall Deal for €96 Million

The Bank of Cyprus, after monthly negotiations, has reached an agreement to sell its 64 % share in the Nicosia Mall. The agreement between the Bank and the Cypriot tenants who expressed their interest is expected to be finalized by September 15. InBusinessNews has been informed the deal closed at €96 million.   

The team of tenant-buyers, as InBusinessNews has previously reported, is comprised by four companies, namely Zorbas, PHC, Voici La Mode and Athienitis Supermarket, as well as Athienitis Contractors, which already controls 36% of the mall.   

The percentage in equity each company will get, given the capital they invested, remains to be seen, while it is left open as to whether a foreign investor will come into the new structure.  

The tenants-owners  

Zorbas has two stores in the mall, which are the Zorbas Bakery and the Coffee Berry coffee shop. PHC has an overall number of six restaurants and cafeterias, which include the brands Caffe Nero, Burger King, Pizza Hut, Taco Bell, Verde Caferestro and Tavernaki. Voici La Mode operates six stores, as well, which include the brands Marks & Spenser, Τopshop/Topman, Dorothy Perkins, Evans, Celio and Wallis. Athienitis Supermarket, after operating for years in Pallouriotissa, has decided to open its second store in the Nicosia Mall, in which it maintains a large space.

The Bank of Cyprus Involvement

Construction work on the shopping mall had begun by Athienitis Contractors prior to the financial crisis, however it was halted by the 2013 events due to lack of funds. The unfinished project remained unused until 2017, when the restructuring agreement of Athienitis Contractors was reached with the Bank of Cyprus.  

After Athienitis Contractors acquired a share in the mall, the bank decided to move with the completion of the work, financing the remaining €35 million, while at the same time an agreement was reached with the CYTA’s Pension Fund, which initially loaned €30 million to the investment in the form of a mortgage.



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