Atterbury Group acquisition of Shacolas Emporium Park
Jan 20, 2016
In the summer of 2015 we acted for Atterbury Group (in partnership with other foreign investors) to acquire the Shacolas Emporium Park (including the Mall of Cyprus) and the Mall of Engomi) at a gross property value of approximately €180 million from the Nicosia-based Shacolas Group. The Mall of Cyprus and the Mall of Engomi are Nicosia’s most popular retail developments, with an aggregate lettable area of more than 60,000 square metres and a range of popular outlets including IKEA. Established in 1994, Atterbury Group is a South African property company that focuses on developing retail centres and commercial buildings. It has expanded to several other countries in Africa and is now expanding into Europe, having already undertaken a successful development in Edinburgh. We advised Atterbury on all aspects of the acquisition, including corporate, finance, real estate and tax matters, and played an active role in the negotiations with the sellers and other parties.