ITTL sale talks expand with others

Woolworth (Cyprus) Properties Public Ltd., has decided to halt negotiations with a European investment company with respect to possible sale of majority control that the group holds in ITTL Trade Tourist & Leisure Park Ltd., which is the owner of the Shacolas Emporium Park, housing «The Mall of Cyprus».

The Board of FWW is currently considering new proposals by other European Investment Groups, and specifically with a “very serious organization, owner of Malls in many countries around the globe”, which is interested to acquire all or part of the share capital of ITTL.

The FWW announced that it has recently noted increased interest in ITTL as the project develops and following successful completions of rent/lease agreements signed with multinationals such as IKEA, Carrefour, Debenhams, Zara, Intersport, Starbucks, and others that have taken up space in the mega-project.

During the AGM of FWW a couple of months ago, the Chairman of the company Nicos Shacolas had promised shareholders that once the deal with ITTL would be concluded, then it would generate million pound profit for the group with the price tag of the project seen in excess of EUR 100 mln.