Real Estate Investor Magazine South Africa August 2015 | Page 53

REI OFFSHORE

EXPERT Q&A
INVESTING IN NIGERIAN
RETAIL DEVELOPMENTS

ATTACQ INVESTS IN CYPRUS

A

ttacq Limited, has acquired a significant 48.75% stake in two leading shopping
centres in the capital of Cyprus, Nicosia. The combined value of the two centres is
estimated at €195 million.
Attacq secured stakes in the landmark Shacolas Emporium Park and The Mall of
Engomi. The deals were secured together with Atterbury Europe which will hold the
remaining share.
The 55,600m2 Shacolas Emporium Park is in the heart of Nicosia and comprises
the 27,000m2 Mall of Cyprus, a 20,000m2 Ikea store and two smaller buildings.
It attracts over 5 million shoppers and visitors annually. The Mall of Engomi is an
18,000m2 retail centre located in the west of Nicosia and attracts more than 1.5
million visitors annually. Both centres have been identified for expansion, with the
retail market in Cyprus primed for growth.
“What makes Cyprus so attractive is that it is a market that has remained untapped
by other international property development businesses. Atterbury Europe, together
with Attacq as co-investors, have managed to get in at the bottom of the market,
resulting in an excellent opportunity for upside b [