Cyprus: Andreas Neocleous & Co LLC Advises On Purchase Of Nicosia’s Leading Retail Development
Last Updated: 28 July 2015

The ink is now dry on the agreement for our client Atterbury Group (in partnership with other foreign investors) to acquire the Shacolas Emporium Park (including the Mall of Cyprus) and the Mall of Engomi at a gross property value of approximately € 180 million from the Nicosia-based Shacolas Group. The Mall of Cyprus and the Mall of Engomi are Nicosia's most popular retail developments, with an aggregate lettable area of more than 60,000 square metres and a range of popular outlets including IKEA.

Established in 1994, Atterbury Group is a South African property company that focuses on developing retail centres and commercial buildings. It has expanded to several other countries in Africa and is now expanding into Europe, having already undertaken a successful development in Edinburgh.

We advised Atterbury on all aspects of the acquisition, including corporate, finance, real estate and tax matters, and played an active role in the negotiations with the sellers and other parties.

Commenting on the purchase, Andreas Neocleous said, "I am delighted that this acquisition, which is an important milestone in Atterbury's international expansion plans and a significant vote of confidence in the Cyprus economy, has now been agreed. I am proud of our firm's contribution to the successful outcome and grateful to my colleagues for their efforts over several months and to our clients for placing their confidence in us."

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