Bid interest for ITTL

European Funds and Investment companies are reported to have expressed an interest to acquire all of the share capital of ITTL Trade Tourist and Leisure Park Ltd, which is the owner of the Shacolas Emporium Park that among others will house an IKEA and other super stores.

Nicos Shacolas, Executive Chairman of the Woolworth (Cyprus) Properties Public (FWW) told shareholders during the Annual General Meeting that discussions have been held discretely on the initiative of the European funds.

“Since we are the stage where negotiations are being held and we are very near to a deal, we decided to inform shareholders of this important development,” said Shacolas.

With the successful conclusion of the deal, Woolworth (Cyprus) Properties Public, which is the owner of the ITTL Trade Tourist and Leisure Park Ltd, will reap “tens of millions of euros in profit in a total deal valued at EUR 150-160 mln,” said Shacolas.