CYPRUS: Recently opened Nicosia Mall to change owners

 

Nicosia Mall, the island’s newest and biggest retail operator, is soon to be sold to a Cypriot consortium as the main shareholder Bank of Cyprus has come to an initial understanding with four local companies.

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According to sources quoted by Philenews’ Insider the deal is to be completed within the coming weeks with the consortium covering part of its financing needs with a loan from BoC.

Sources quoted by Insider say that the consortium is composed of local heavyweights; Zorbas bakeries, PHC Franchised Restaurants (operator of Pizza Hut, KFC, Taco Bell, Burger King), Athienitis Supermarkets, and the Athienitis Construction Group who launched the project before the bank stepped in when it had financial difficulties, taking over 51% of the mall.

All four companies have a presence with stores in the Nicosia Mall while the Athienitis group currently owns 36% of the business. Participation of a foreign investor has not been excluded.

Nicosia Mall has seen some 3.7 mln visitors go through its doors in the first eight months of operation, with 2019 data suggesting an average rate of 407,000 visitors a month.

A market survey conducted in the first two quarters of the year also found that visitors preferred the shopping centre because of the brands, its location, the Athientis supermarket and ease-of-use facilities.

The 48,000 sq.m. mall has 140 stores, food halls and parking for 1,700 cars, and houses the usual clothing and apparel shops.