H&M in heart of Nicosia in 2016, re­places Deben­hams

Financial Mirror (Cyprus) - - FRONT PAGE -

H & M Hennes & Mau­ritz AB (H&M), the Swedish multi­na­tional re­tail-cloth­ing com­pany, will be open­ing its first store in Cyprus next year, re­plac­ing the cur­rent ten­ant Deben­hams in the land­mark Sha­co­las Tower of the cap­i­tal Nicosia.

The NK Sha­co­las Group re­tail and prop­erty com­pa­nies listed on the Cyprus Stock Ex­change, Ermes Depart­ment Stores Plc and Wool­worth (Cyprus) Prop­er­ties Plc an­nounced an agree­ment on Fri­day with H & M, “for the long-term use on rent and un­der sat­is­fac­tory terms based on sales, the com­mer­cial part of Sha­co­las Tower on Le­dra Street.”

This com­prises a to­tal of eight floors - two base­ments, a ground floor and five floors, cur­rentlu oc­cu­pied by the Deben­hams gro­cery, cloth­ing and home prod­ucts, as well as a top-floor café. The ninth floor is the ob­ser­va­tory, op­er­ated by a Sha­co­las Group non-profit.

Wool­worth agreed with its re­lated com­pany Ermes Depart­ment Stores Plc, which now rents the space, to ter­mi­nate the lease in the first half of 2016. Ru­mours sug­gest that the Deben­hams gro­cery may move across the street to a va­cant ar­cade, next to another Wool­worth prop­erty al­ready leased to Dan­ish re­tail giants Tiger.

“This trans­ac­tion took place be­cause it was con­sid­ered to be in the ben­e­fit of Wool­worth and Ermes. Ermes, which col­lab­o­rates with sev­eral other in­ter­na­tional chains in the fash­ion sec­tor, will en­hance its ex­ist­ing ac­tiv­i­ties both in the Nicosia mu­nic­i­pal­ity, and in the wider re­gion of the greater Nicosia,” the an­nounce­ment said.

Ear­lier re­ports in June about H&M’s ar­rival, which the Sha­co­las Group ini­tially de­nied, also sug­gest that an an­nex may be built to the Mall of Cyprus on the south­ern out­skirts of the cap­i­tal, bought by the South African prop­erty in­vest­ment group At­ter­bury for about 160 mln eu­ros in cash, eq­uity and debt. The an­nex will prob­a­bly house another H&M store, while At­ter­bury’s other pur­chases, such as the Mall of En­gomi may also in­clude H&M out­lets.

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