NewsLocalState Fair to get strategic investor following Cabinet’s decision

State Fair to get strategic investor following Cabinet’s decision

The former State Fair in Nicosia should host a number of government services and tenders for a strategic investor to carry out the necessary infrastructure will open soon, Philenews reports.

The strategic investor tender decision was taken by Cabinet on Wednesday and the aim is for the multi-faceted process to be wrapped up by May 2024.

The objective is twofold since relevant services will be housed in one area, thus, facilitate potential users and organizations.

At the same time, the sustainability of the project is strengthened for the benefit of the state and the risk of the strategic investor is mitigated.

The government will be provided with consultation and legal services throughout all stages of the process – from the preparation of tender documents up to the moment the strategic investor signs the agreement.

The total exhibition area of ​​the State Fair is 250,000 square metres and an already drafted feasibility study proposes that the total buildable area to rise to approximately 83,000 square metres.

The construction cost is estimated at approximately €103 million.

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