CYPRUS: Chinese investors buy EUR 30 mln plot in west Limassol

Chinese investors have bought a 31,171 m² mixed development plot for some €30 mln in Limassol which once hosted LOEL wineries.

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The oblong plot once belonging to the Laiko Group stretches from Franklin Roosevelt Avenue to the coastal area of Karnagio between the old and new Limassol ports.

The property was acquired by Bank of Cyprus as part of a loan restructuring deal with Laiko Group with the bank’s property management arm REMU slapping an initial €33 mln price tag on it.

The new owners are said to be planning a large mixed-use development in the area that will include three 35-storey towers, commercial and leisure developments.

The properties were registered with Nasebia Properties, the special purpose vehicle company created by REMU.

With development in the east of the Karnagio area reaching saturation, investment activity now seems to be directed westward as other investors have exhibited interest.

Leptos Group has already announced the launch of a project dubbed the Limassol Blu Marine which will also include three multi-storey towers.

There is also interest from a company of Indian interests in the neighbouring SODAP plant.

Other industrial sites in prime locations between Limassol marina and the new port are expected to be snapped up by investors.

A crucial element for further development of the area will be the revised city centre plan currently being developed by Limassol Town Hall, which also includes the Karnagio area.