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Paphos property sold for 66 million

According to Stockwatch Ltd, KEO has sold its property at the Tombs of the Kings in Paphos to a joint venture of Athienitis and Aristo Developers for €66 million. According to newspaper “Politis”, the development will be uniform but the property will be separated in two parts, the commercial and the housing. Aristo will deal […]

According to Stockwatch Ltd, KEO has sold its property at the Tombs of the Kings in Paphos to a joint venture of Athienitis and Aristo Developers for €66 million.

According to newspaper “Politis”, the development will be uniform but the property will be separated in two parts, the commercial and the housing. Aristo will deal with the housing development and Athienitis with the commercial. KEO secured the additional sum of €6 million.

According to the report, a French company has already expressed its interest in securing the exploitation rights of the shopping centre that will be constructed.

On February 1, 2008, KEO announced its intention to sell a Paphos property (Tombs of the Kings), accepting as a minimum offer the sum of €60 million.

Last month, KEO invited public bids for the 46,200 square metres of prime real estate, setting a minimum bid of €60 million. The €66 million reported purchase was not announced on the CSE website yesterday, while the Group’s directors were unavailable for comment. A representative of Athienitis refused to confirm or deny the deal, saying it was the responsibility of the seller to announce any agreement, not the buyer.

The sale of the plot will fund the transfer of the existing plant in Limassol from the seaside area to another city’s region and will contribute to the enforcement of the Company’s strategic targets, which include the opening of a new brewery, the construction of new central storage spaces and the improvement of its plant via new technology.

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