Harneys Cyprus advises on €1.2 billion redevelopment of the Larnaca port and marina

Harneys Cyprus has acted for the sponsors, a Cypriot and Israeli joint venture by Alexandrou Corporate Services Ltd and Eldeman Holding B.V. (the Consortium), in relation to the redevelopment of the Larnaca port and marina.

On 4 December 2020, the highly anticipated concession agreement for the redevelopment of the Larnaca port and marina was signed at a prestigious ceremony held at the Presidential Palace in Nicosia, attended by the President of the Republic of Cyprus, Nicos Anastasiades. The €1.2 billion project is one of the largest projects taking place in the Republic of Cyprus.

“We are extremely happy to have assisted the Consortium in achieving this significant milestone,” said Theodoros Zafiropoulos, Partner in the Harneys Cyprus Banking and Finance team who led the multidisciplinary team. Over the last three years, Harneys has advised on all aspects of the tender process and assisted the Consortium on its negotiations with the Ministry of Transport, Communications and Works. Theodoros added: “We are humbled that our hard work has been acknowledged by Mr Panos Alexandrou, the representative of the Consortium, during his speech at the signing ceremony.” A link to the signing ceremony can be found here.

Pavlos Aristodemou, Managing Partner of Harneys Cyprus also commented: “The trust that the Consortium has shown in us underpins the depth of Harneys’ experience in advising local and international investors on high-profile projects and I am certain that the implementation of the project will uphold the role and significance of Cyprus in the eastern Mediterranean Sea and attract new investors on the island.”

As the only international multi-jurisdictional law firm with a physical presence in Cyprus, Harneys provides unrivalled service to clients throughout the world, particularly for complex and cross-border transactions. Cyprus is the premier hub for international business opportunities in the Mediterranean and one of the top venues for the incorporation and establishment of businesses across Europe.