ARI to buy 50% shareholding in Cyprus airport retail business


June 2, 2014 | By RetailME Bureau

Aer Rianta International (ARI) has agreed to buy the 50% shareholding in its airport retail business in Cyprus, owned by its Cypriot partner Ermes Department Stores. The business, called CTC-ARI, holds the concession to operate shops at the two largest ai rports in Cyprus, Larnaca International and Paphos, under a long-term contract that runs until 2031.

CTC-ARI generated sales of €88 million last year, and the business operates close to 54,000 sqft of retail space and employs 375 people directly, across both airports. ARI, which is a subsidiary of the Dublin Airport Authority (daa), has conditionally agreed to pay close to €54 million for the additional shareholding, which will be funded from ARI’s own accumulated profits.

“This is a very important transaction for ARI and daa, and importantly, will immediately generate additional income for the group. ARI has been a key driver of profitability for daa Group over many years, a factor, which has enabled us invest significantly in our Irish airports for the benefit of the economy, airline customers and passengers,” says daa CEO, Kevin Toland. “We are taking this opportunity to increase our shareholding significantly in Cyprus because we believe strongly in its potential for growth and additional profitability. The investment will also protect and strengthen the overall value of daa’s overseas assets, which remain vital to the success of the overall group,” he adds.

Jack MacGowan, CEO, ARI, explains that the ‘valued’ concession in Cyprus will contribute immediately to ARI’s profits. “This represents a significant investment for ARI in a high priority market where we can continue to enhance margins and operating efficiencies. The investment demonstrates our commitment to growth in ARI’s broad Middle East region where we are a leading player and where we operate many successful local equity and business partnerships.”

Comments

comments

Previous Article Next Article

YOU MAY ALSO LIKE /



elGrocer, the grocery delivery app with ties to some of the major 

Continue Reading

October 25, 2020 | By RetailME Bureau

Jones the Grocer set to open its doors at Dubai’s newly launched 

Continue Reading

October 18, 2020 | By RetailME Bureau

Saudi-based operators of hypermarkets and supermarkets BinDawood Holding Company has completed the 

Continue Reading

October 16, 2020 | By RetailME Bureau

The regional food and grocery delivery app Talabat has announced the expansion 

Continue Reading

October 15, 2020 | By RetailME Bureau

Walmart is hiring 10,000 new employees in Canada for positions in stores 

Continue Reading

October 14, 2020 | By RetailME Bureau

British quality grocery retailer Waitrose & Partners launched its first e-commerce platform 

Continue Reading

October 11, 2020 | By RetailME Bureau

Saudi Arabia-based operator of hypermarkets and supermarkets BinDawood Holding has priced its 

Continue Reading

October 7, 2020 | By RetailME Bureau
Miguel Angel Povedano, chief commercial officer of Majid Al Futtaim – Retail

Majid Al Futtaim announces the launch of a customer insight platform, powered 

Continue Reading

October 7, 2020 | By RetailME Bureau
New Choithrams store opens at Emerald Court, Al Barsha

A new Choithrams store opens at Emerald Court, Al Barsha in Dubai 

Continue Reading

October 5, 2020 | By RetailME Bureau
Asda has new owners

Asda has new owners, as The Issa brothers and TDR Capital are 

Continue Reading

October 5, 2020 | By RetailME Bureau
Spinneys sees “dramatic changes” in shopping patterns

UAE-based supermarket chain Spinneys sees “dramatic changes” in shopping patterns since the 

Continue Reading

October 4, 2020 | By Rupkatha Bhowmick
Food Crowd is now delivering from farm to home

A new platform in the UAE, Food Crowd is now delivering from 

Continue Reading

October 1, 2020 | By RetailME Bureau




Download Images RetailME Magazine