Woolworth (Cyprus) Properties Pcl, a member of the Shacolas Group of Companies announced that it has a signed a deal under which it will allow use of space at it’s “The Mall of Cyprus” in the Shacolas Emporium Park and in Engomi Market for the operation of Carrefour supermarkets.
The agreements were signed in Athens on July 21, 2006 by Woolworth subsidiaries, ITTL Trade Tourist and Leisure Park Ltd and Woolworth Commercial Center Ltd, and on the other side by Chris Cash and Carry Ltd, a member of Group Carrefour, the commitments of which were guaranteed by Carrefour – Marrinopoulos S.A. Greece.
For the use of the facilities, Carrefour will pay a guaranteed amount on an annual basis that is tied to the turnover of the group. Based on the agreed deal, Carrefour will pay the amount of EUR 6 mln to Woolworth (Cyprus) Properties Public Ltd, for the use of the facilities. The first lot of EUR 2 mln has been paid, while the remaining balances will be settled in four annual installments of EUR 1 mln each.
For other alterations to the facilities, an additional amount will be paid to Woolworth.
The Shacolas Group clarified that the above agreements do not include any share sale or swap or sale of property. The Group clarified that the Shacolas Emporium Park will also house the soon-to-open IKEA store, which will also provide a guaranteed annual income and participation in revenue.
The Group noted that the above transactions will have a significant positive impact on the results and prospects of Woolworth (Cyprus) Properties Public Ltd and Ermes Department Stores Public Ltd, as well as on Cyprus Trading Corporation Public Ltd, which is the largest shareholder in both companies.
Anybody knows what else they will have at "The Mall of Cyprus"?
