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Bank of Cyprus loan for Limassol marina

An agreement has been reached between the Bank of Cyprus and Limassol Marina Limited for a loan for the construction of the new marina which should open in 2012.

THE Bank of Cyprus will organize a loan of €130 million for the construction of the Limassol marina, after an agreement was reached with the construction company, Limassol Marina Ltd.

The agreement was signed by Mr. Vasos Siarlis, Higher General Manager of Bank of Cyprus and Mr. Marios Lanitis, Chairman of the Company’s Board of directors.

After signing the agreement, Mr. Siarlis said that the Bank of Cyprus’ commitment for financing of this significant project falls under the bank’s policy to finance large infrastructure projects on the island that will improve the tourist product and will boost growth and construction in a period of crisis.

Mr. Siarlis added that this agreement is a proof that Bank of Cyprus is consistent to its commitments for the support of the island’s economy via the funding of big development projects.

Limassol marina will cost €360 million. “It will be able to host 1,000 vessels of different sizes and will include 274 houses and flats as well as restaurants, cafes, bars, shops, gym, SPA and a cultural centre”, the Bank of Cyprus announcement said.

The marina will be constructed with the PPP method (Public Private Partnership) and a long-term lease. The companies that participate in Limassol Marina Ltd are Cybarco Plc, Francoude & Stephanou Ltd, J&P Avax, Joannou and Paraskevaides Ltd, Athena SA, CADS Holdings Ltd and Limassol Marina Development Co Ltd.

The construction of the new Limassol marina, a project expected to enhance and enrich the tourist product in Cyprus, has started officially and is expected be ready in the autumn of 2012.

Readers' comments

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  • David – Thanks for your comments. The last I heard about the Coral Bay marina was on the 19th March last year:

    Paphos

    The Paphos marina, which is expected to cost €300 million, is held up in the Supreme Court following appeals by the failed bidders.

    Looking back over the course of the case, Mr. Hamboullas explained that although the bids received from the three bidders were evaluated in June and the preferred bidder (Pandora Investments, Cybarco, Francoudi & Stephanou, J&P-Avax, Cads and Athena SA) was selected, the two failed bidders appealed the decision to the Revisionary Authority. Last November the Authority ratified the appeal made by Poseidon Grand Marina of Paphos. The third company that bid for the project was Pafilia.

    The case has been referred to the Supreme Court after the appeal of both companies, who are against each other. According to Mr. Hamboullas, after the latest developments it is difficult to predict when the case will close.

    The project of 1,000 vessels will be constructed in Kissonerga and will also include land development.

    See: http://www.news.cyprus-property-buyers.com/2009/03/19/cyprus-marina-developments-stalled-by-bureaucracy/id=00928

  • David Winks says:

    Good Morning Nigel,

    What is the latest on the Coral Bay Marina Project? I understand that it is confirmed, but when will it start and be due to finish?

    Many thanks for a very informative News paper.

    Kind Regards David

  • Keith – I guess we’ll only know the real numbers numbers when it has been built.

  • Keith Allen says:

    Limassol marina will cost €360 million. “It will be able to host 1,000 vessels of different sizes and will include 274 houses and flats as well as restaurants, cafes, bars, shops, gym, SPA and a cultural centre”, the Bank of Cyprus announcement said.

    Have The Bank Of Cyprus seen the latest plans or has the project reverted to the original layout? I understood the latest idea to be –

    Plans for the marina complex include 586 berths for craft of various sizes, restaurants, cafes, shops and conference space. They also include 280 units (housing, trading, leisure and cultural) – some 160 of which will have their own private moorings – and luxury apartments, all with the aim of attracting more high-end tourists and a bigger share of the Mediterranean yachting market.

  • Dee says:

    Let’s just hope that the charges for berths are not so high that the cruise ships decide to give us a miss!

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