Nicosia Mall to change ownership

Bank of Cyprus is very close to selling the Nicosia Mall to a joint venture of Cypriot companies which have shown an interest in the shopping mall.

The deal may be clinched within the next few weeks and according to initial information secured by Insider, part of the cost of the acquisition will be covered by lending from the bank.

The companies reported to have shown an interest are Zorbas, PHC, Athienitis Supermarket, Voici La Mode and the Athienitis Group which already owns 36% of the mall.

All four commercial companies have a presence in the shopping mall while the Athienitis Group had started its construction and completed when the bank decided to make the required capital available. Participation by a foreign investor in the new share structure is also possible.