Ledra Arcade sold to new owner
Recognizable commercial complex Ledra Arcade, situated roughly 250 meters north of Eleftheria Square in the walled city. This property, located on the Ledras pedestrian walkway, features shops, dining areas, and parking facilities that serve the historic center of the capital.
The complex was offered with a listed price of €10.5 million, although the final transaction amount is not disclosed. The identity of the buyer and the date of the transaction are also not publicly available.
The property was previously transferred to Bank of Cyprus as part of the disposition of assets by the Shacolas Group to limit its liabilities. This transfer was part of a broader agreement announced in December 2018, under which subsidiaries of Bank of Cyprus would acquire real estate property of CTC Group companies or shares of companies holding real estate, with a total value of approximately €228 million.
The complex includes five shops, four of which feature a mezzanine, and 158 parking spaces. The property’s premises also include a communal area of approximately 450 sq.m. and rest areas of about 53 sq.m. The underground parking garage develops across three levels with a total area of about 4,553 sq.m.
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The property is characterized as partially occupied, without specifying current tenants or lease terms. Additionally, there is an unutilized building density allowance corresponding to approximately 2,553 sq.m., representing additional development margin, the exploitation of which depends on verification of planning data and required approvals.
The complex falls within the PEZ and EZ planning zones, with specific building density ratios and coverage requirements. The planning characteristics must be verified with the competent authorities, according to REMU.
The group’s actions were aimed at addressing its financial obligations, and the transfer of the property was a key part of this process.
