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Marios Kalochoritis An Insight into The Capitals Newest Commercial Landmark
June 28, 2018
Nicosia Mall is one of the most significant projects currently under construction in the capital and its completion and official launch are eagerly awaited. The Chairman of Nicosia Mall Holdings (ΝΜH), Marios Kalochoritis, Senior Advisor to the CEO of Bank of Cyprus and a former Member of the Bank’s Board of Directors, explains how an abandoned project is being transformed into an ultra-modern shopping centre and offers his insight on the positive impact it is expected to have on the economy of Cyprus.
Work on Nicosia Mall has intensified and the project will soon be completed, thanks to the crucial contribution of Bank of Cyprus. How did a financial institution come to be the main shareholder in a shopping centre?
The Μall was essentially an abandoned venture, trapped in a financial dead-end because of the 2013 financial crisis. As a Bank, we had two options – to leave the project as an unfinished structure with no substantial commercial value or to take it over and fund its completion. We chose the more difficult of the two courses open to us, which meant transforming a problem into an opportunity. We took a strategically bold decision to use the Bank’s financial clout and, in addition to completing the original project, we have invested additional money to raise the bar higher and create a shopping centre that bears comparison with any to be found abroad. For us, this is an extremely promising business venture with huge prospects. Apart from its obvious potential as a shopping centre, the mere presence of Nicosia Mall will upgrade the broader area in which it is located. At the same time, we expect it to contribute substantially to the growth of the economy and to have a positive impact on other sectors. Indeed, this is one of the main reasons why we took the decision to invest in this particular project.