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Expansion of Mall of Cyprus gets under way

Changes await the Mall of Cyprus as the construction of a new wing of Cyprus’ first shopping mall started on Friday.

In an announcement released at the Cyprus Stock Exchange, the company’s Board of Directors announced that all the relevant licences had been secured opening the way for the extension of the shopping complex.

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The plans make the provision for the extension of the Mall’s western wing with the construction of retail outlets on the present ground floor parking area.

As the construction work is expected to affect certain areas of the complex’s underground parking, the company has called on the public to follow the added signing and directions of security officials on the site.

In 2015, the Shacolas Group agreed to the sale of the Mall of Cyprus and Mall of Engomi to South African based Atterbury Group, for a cash consideration of €193 million.

The deal concerned the sale of the entire Mall of Cyprus complex which includes the mall itself, IKEA, ANNEX three and four, as well as the Mall of Engomi.

In addition, the agreement included a provision for the sale of a plot of land next to the Mall of Cyprus for €8 million.

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