To understand and gain more insight into Atterbury Europe’s further investment strategy in Cyprus, we spoke with CEO Henk Deist.
Atterbury Europe is a joint venture company with Pareto Limited (owned by Africa’s largest pension fund) as a significant shareholder. It has a predominantly Eastern European/Mediterranean focus and allocates capital where the risk/reward pay off profile is best balanced. “In this regard, our current jurisdictions of Romania, Serbia and Cyprus compete for funding together with untapped areas with potential, such as Poland and Hungary”, explains Deist. This means, in the first instance, that possible new developments in these territories all vie for investment apportionment.
The proposed Mall of Limassol ticks all the boxes for capital investment. “We are no strangers to Cyprus and have been doing business here since 2015,” Deist asserts. The big advantage of Atterbury Europe’s proposed new shopping centre development in Limassol, compared to others, is that it combines years of experience in developing shopping centres all over the world with a strong local professional team of architects, cost consultants, engineers, contractors and leasing professionals.
Reflecting on Atterbury’ Europe’s vast experience, Deist says: “We have a proven track record in creating world-class shopping centres, having developed hundreds of thousands of square metres internationally. Our expertise is comprehensive, encompassing design excellence, efficient foot traffic circulation, effective delivery logistics, innovative parking systems, smooth vehicular traffic management, meaningful community engagement and eco-friendly practices. By combining this extensive international experience with local market understanding, we offer a powerful and sustainable solution tailored to each location.”
Deist recently attended the annual general meeting of Invest Cyprus. “It is quite different now compared to when we first invested in the country soon after the ‘deposit haircut”. According to the Invest Cyprus annual report, there has been a significant increase in foreign direct investment, especially post the COVID pandemic. Deist believes the trend will continue and Cyprus may benefit from the geopolitical turmoil in Israel, Lebanon and the Ukraine as people relocate there. He adds: “We support and participate in the foreign investors’ dialogue with the Cypriot government to assist with its vision of making Cyprus one of the best places to work, live and do business in.”
If you are in the business of developing green field shopping centres the tricky part, apart from securing land, is obtaining relevant development rights. Deist is however not concerned about this when it comes to the development of the proposed Mall of Limassol: “We started engaging with the local planning authorities back in June 2022. Our team has worked with the relevant departments step-by-step to ensure we comply with all their requests and concerns. One of the reasons we chose Cyprus as an investment destination in the first place, is because due process is followed in this regard.”
Due to its long and strong track record in the country, Atterbury Europe thus considers itself a “local foreigner”. The company looks forward to its investment in Limassol bearing fruit, and to the potential of more to come.