Our firm acted as legal counsel to the buyer consortium, together with Stelios Americanos & Co LLC, in connection with the acquisition of the controlling interest in Nicosia Mall from Bank of Cyprus.

The transaction, which was completed in December 2019, involved the acquisition of Bank of Cyprus’s 64% shareholding in Nicosia Mall Holdings by a consortium of local and international investors and had a transaction value of approximately €100 million.

Nicosia Mall, which opened in 2018, is one of the largest shopping and leisure destinations in Cyprus, bringing together a broad range of international and local retail brands, restaurants, cafés, entertainment and other facilities.

The transaction involved a complex acquisition and financing structure, including the establishment of a new ownership and joint venture structure, the refinancing of the business and the satisfaction of the applicable regulatory requirements.

Our firm advised on the buyer side of the transaction, working alongside Stelios Americanos & Co LLC in relation to the legal aspects of the acquisition and its successful completion.

The acquisition represented one of the most significant Cyprus real estate and corporate transactions of 2019 and marked an important change in the ownership structure of one of the country’s major commercial developments.