14.04.2022
The sale of 46% of the share capital of the shopping center in Limassol to an Israeli consortium, which includes real estate companies, is underway.
In particular, there is a merger notice before the Competition Authority regarding the acquisition of My Mall Limassol by Dorsel (BAZ) Ltd and Ari Real-Estate (Arena) Investments through Limassol Mall Ltd.
It is recalled that shortly before the end of 2021, the transaction was at the stage of due diligence and passed the bank’s KYC procedures.
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Expansion approval pending
The completion of the transaction is expected to help advance the mall’s expansion plans, which have been under consideration for more than five years.
The Municipality of Limassol is invited to review the revised plans and dimensions submitted in order to give approval for an extension of approximately 6,500 sqm. shopping center in Limassol.
It is noted that the total value of My Mall Limassol, including deposits and loans, reaches €100 million.
Who is Dorsel
As stated in the EPA announcement, Dorsel (BAZ) Ltd is a company duly registered under the laws of Israel.
It is a real estate company active in identifying and purchasing profitable assets, as well as initiating and developing profitable real estate projects in industrial parks. It is a public company listed on the Tel Aviv Stock Exchange and part of the Synel Group.Synel Group is one of the leading Israeli IT groups that provides a wide range of integrated software and hardware solutions for HR management in organizations, as well as provides training and professional and technological consulting services on payroll and labor law, which help employers and managers to solve the most important organizational issues efficiently, economically and profitably.
Who is Ari Real Estate (Arena) Investments
Ari Real Estate (Arena) Investments is a company duly registered under the laws of Israel. It invests and manages profitable real estate in Israel and is a public company listed on the Tel Aviv Stock Exchange.
Limassol Mall
Limassol Mall Ltd is a company duly registered under the laws of Israel. It was created jointly by Dorsel (BAZ) Ltd and Ari Real-Estate (Arena) Investments for the purposes of the proposed deal. It does not conduct any other activities in the republic or abroad.
My Mall Limassol
My Mall Limassol is the business and real estate of the shopping center of the same name located in Limassol.
It is a shopping center built in a complex of 4 blocks and consisting of the following four Cypriot companies. Tiffany Investments Ltd and Pearland Investments Ltd are the owners of the land on which MyMall is built, AML Malls Holding Ltd is the holding company that owns 100% of Tiffany’s shares, and MIM Services Ltd is the company that manages MyMall.
