SUNDAY, 23 FEB 2020

 

CONNECT

Facebook Linked In Twitter
GAP_Group_2019_728x90px
GloriaJeans_266x90px
IMH LTD

Natasa Pilides Underlines Need To Maintain The Competitiveness Of European Shipping

Charles Mitchel Contacts UN SG To Discuss Bloc's Involvement With Cyprus Issue

IMH LTD
GAP_Group_2019_468x60px

BUSINESS

brought to you by Deloitte

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.

 

MORE ON BUSINESS

New Strategic Investment In Cyprus By Greece’s Jumbo Group

Greece’s Jumbo Group has carried out another strategic investment in Cyprus with ...

The 2019 Moneyval Report: An Independent Recognition of the Cypriot Banking Sector’s New Outlook

The recent Moneyval report, issued on 12 February, does full justice to the efforts and ...

The Director of LSE Dame Minouche Shafik in Cyprus

The Cyprus LSE Alumni Association is proud to host a conversation with the LSE ...

FROM AROUND GOLDNEWS

   

The Cyprus Shipping Chamber Actively Participated At The European Shipping Week

The Cyprus Shipping Chamber participated at the 3rd European Shipping Week held between 17-21 February 2020, in Brussels, through its President, Philippos ...
   

Natasa Pilides Underlines Need To Maintain The Competitiveness Of European Shipping

Cyprus' Shipping Deputy Minister Natasa Pilides underlined "the need to maintain the competitiveness of European Shipping," during the debate on ...
   

Communications And Transport Had The Largest Positive Change Over Consumer Prices In January 2020

In January 2020, according to CyStat, the Harmonized Index of Consumer Prices (HCIP) increased by 0,7% compared to the index of January 2019 while, when ...
   

Charles Mitchel Contacts UN Secretary-General To Discuss Bloc's Involvement With Cyprus Issue

The Cyprus government welcomes the active involvement of the EU in efforts to solve the Cyprus issue, following the initiative of the President of the European ...
   

Google’s Recipe For Success At The 3rd Data Management Forum

Collecting the right data requires first understanding what kind of actions we need to achieve from it. Learn some funda­mental best practices on data ...
   

EU Deadlocked In Budget Summit As Rifts Laid Bare

EU leaders were deadlocked over the bloc’s next multiannual budget after lengthy summit talks on Thursday night laid bare rifts over how to fill the ...
   

Substantial Increase In Investment Fund Assets For December 2019

The Central Bank of Cyprus has released yesterday the Investment Funds statistics for the reference month of December 2019. Τhe number of investment funds ...
   

Cyprus Enterprises Find It Less Difficult To Recruit ICT Specialists Relatively To The E

Hiring expertise in information and communication technologies (ICT) is a challenge for businesses in the European Union (EU). During 2018, according to ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

LSE_Alumni_Event_05/02-28/02_300x250px
Primetel_25/10/2019-25/02/2020_300x250px

IMH LTD