Limassol Greens Golf Resort which is a fully integrated golf and real estate development west of Limassol is now set for implementation.
The ambitious development has a land area of 1,400,000 sq. metres belonging to the Lanitis Group which had launched the initial plan.
Changes in the ownership status of the project were announced on Thursday following a new shareholding structure.
Specifically, Lanitis Golf Public Co, which are the owners of the project, announced that MCY Development acquired 99.99% of its share capital from Lanitis Farm Ltd for €75 million on January 15. And that €25 million has already been paid in cash.
MCY Development is 50% controlled by Lanitis Farm (Lanitis Group interests) and 50% by AMOL Enterprises.
This means that more than 50% of the project is now in the hands of foreign investors who will provide the necessary capital for the grand project to start.
The development provides for 495 luxurious villas and 233 apartments.
Phileleftheros reports that AMOL was registered on July 10, 2018 and its directors are Mark Gasan, Alec Mizzi, Mathew Prtelli and Kevin Valenzia, according to the Registrar of Companies.
The most recognizable name is that of Alec Mizzi, who is member of a well-known family from Malta with significant investments in Cyprus over the recent years. These include the Homemate store and the acquisition of a majority stake in Tryfon Tseriotis.
The family had joined forces with the Lanitis Group once again when they set up Vecchia Napoli Restaurant, in partnership with the Carob Mill Group Company. Insiders said more investors from Malta are behind the Limassol Greens project and that Lanitis Group maintains 50% of the stake.
As expected, changes also took place in composition of of the board of Lanitis Golf after Costas Lanitis stepped down and Dimitris Solomonides, Costas Haritou, Alec A. Mizzi, Kevin Valenzia, Mark Gasan and Matthew Portelli were appointed. Platon Lanitis and Marios Lanitis remain on the board.
It seems that the agreement was reached a long time ago, specifically on July 5, 2019 when the signing of the share transfer took place.
Meanwhile, Demetris Siouftas has recently taken up the position of Chief Executive Officer at Lanitis Golf Public Co. Ltd. Siouftas had previously worked at big Cypriot groups such as Tsokkos Hotels and Pafilia.
By Antonis Antoniou