Salfo & Associates, as leader of the “JV SALFO-MARNET”, has been appointed by the Concessionaire, Limassol Marina Ltd (“LML”) and the Lender of the Project, Bank of Cyprus, to provide Independent Engineer and Lenders’ Technical Adviser Services for the Limassol Marina PPP Project in Cyprus.
The marina was the first to be developed within the context of the government’s ambitious programme for the development of modern marinas on the island and the promotion of nautical tourism. The project includes the construction of a marina with a capacity of 680 yachts, as well as a real estate development of approximately 40,000 sq.m., which would include residential, commercial and tourist uses and would target upper class clientele. A major part of the residential buildings (20,000 sq.m.) is planned to be built on artificial islands.
The Concessionaire has undertaken the development, operation, management and exploitation of the Marina for 53 years under a Lease Agreement signed with the Ministry of Commerce, Industry and Tourism of Cyprus. The EPC (Engineering, Procurement and Construction) Contract has been assigned to a Joint Venture of Greek and Cypriot firms (Cybarco Ltd, J&P Ltd, J&P-Avax SA and Athena SA), supported by Sogreah for the design.
The Project construction cost, which would be provided by bank loan and equity, has been set at approximately €272 million, while the total Capex would exceed €350 million. The main revenues for the repayment of loan and equity contributions would be derived from the marina operations, house sales and rents of commercial uses.