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REAL ESTATE

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Construction of Metropolis Mall in Larnaca About to Begin

Construction of Metropolis Mall in Larnaca About to Begin

Larnaca’s Metropolis Mall has secured all the necessary licences and its construction is about to begin.

South African development company Acsion Ltd is behind the 40,000 square metre shopping centre while ‘Iacovou Brothers’ is responsible for the project’s construction.

Both the local authorities as well as Acsion Ltd have confirmed the latest developments.

The Group was founded by Cypriot Kyriacos Anastasiades and the Metropolis Mall will be his first investment outside Africa. It is expected to be completed by the end of 2020.

According to the company’s report, the investment is viewed positively with expectations of high returns and is also considered a good start in the Group’s geographical diversification bid.

Acsion Group has signed a land lease agreement with Larnaca’s Bishopric for 33 years, with the right to two renewals (33 years each). The land is near the GSZ stadium.

The company estimates that the lease for the first 33 years will range between €12-13.5 million.

Inflation will be taken into account when calculating the annual amount, but the reduction will not exceed 1% and the increase will not exceed 4%. As this is a potential financial obligation, the Group will provide an associated asset as collateral.

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