USB Bank acquires the majority of equity in Whitemoon Center Building

Completed in 2006 with an area of 12,600 m2, private ground-level and underground parking areas and situated in one of the most sought-after areas of Nicosia, Engkomi, Whitemoon Center has all the hallmarks of a structural reference point for the area and the city of Nicosia in general.

Following the initial success of the managing company to secure long-term tenancy agreements for the sprawling building and the continuous upgrade of the general area, USB Bank has now reached an agreement for acquiring 75% of the building in order to house its new head offices while, the remaining 25% is owned by G.N. Gallery Famagusta Ltd, a member of Christofi Group.  The deal for the acquisition is rumoured to be around €10 million valuing the building circa €16 million.

As part of the deal, the premises will be fully renovated and restructured by the new owners/tenants which will be USB Bank themselves. All this will be done on the basis of modern specifications and offer state-of-the-art facilities and services, including manned reception, 24-hour security and controlled access to parking and building areas, property management, retail and F&B venues all within a modern and tasteful environment.

The revamped building has attracted a host of new tenants, both local and foreign, with cafes, restaurants and businesses taking up residency.