According to an official announcement, the public companies Woolworth (Cyprus) Properties Plc and Ermes Department Stores Plc of the Shacolas Group said they had “agreed to dispose the above mentioned mature investments to Atterbury Group, of South Africa”.

The announcement said the contract had been entered into after many months of negotiations and that the Atterbury Group had established in Cyprus a company under the name Atterbury Cyprus Limited for the purpose.

“The Shacolas Group and the owning companies will issue a complete and comprehensive announcement with details of the transactions about the end of this week when preconditions will be satisfied, the transaction will be completed and the full consideration will be paid to those entitled,” the announcement said.

It added: “All contracts and other agreements by which the operations at the Shacolas Emporium Park and The Mall of Engomi are carried out, are not affected and the users of the areas will continue their operational activities as they do today”.

The official announcement did not mention the sales price. Media reports suggested the sale aims to mitigate loans by some €90 million and increase liquidity.

Shacolas Emporium Park is a multifunctional retail and entertainment park includes The Mall of Cyprus, IKEA, retail buildings Annex 3 and Annex 4, and an amphitheatre, as well as the Mother’s Square and landscaped gardens including a playground for children.

The Mall of Engomi comprises a Debenhams department store, a Carrefour hypermarket and a Superhome DIY Centre as well as other fashion outlets, kiosk-shops and a coffee shop.

According to its website, the Atterbury Group has over the past 21 years developed prime commercial, retail and residential property across South Africa, the rest of the African continent and more recently, Europe.

Source: InCyprus