InsiderBusinessMetropolis Mall secures necessary licences

Metropolis Mall secures necessary licences

Construction of coastal Larnaca’s Metropolis Mall will begin promptly now that the owners have secured the necessary licences.

South African development company Acsion Ltd is behind the 40,000 square metre shopping centre whose construction is in the hands of “Iacovou Brothers”.

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

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

As the company’s report points out, 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 – again of a duration of 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 not more than 4%. Because this is a potential financial obligation, the Group will provide an associated asset as collateral.

Big retailers will obviously be happy with the opening of the shopping mall since available good commercial spaces are limited in Larnaca.

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