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The Kimon Phinikoudes Larnaca project, belonging to the Lefkaritis family and valued at an estimated €10 million, has been sold to Russian investors.

Meetings held between the parties on June 9-13 concluded on Friday, resulting in the final agreement for the sale of the land on which the project will be built, for an undisclosed amount.

The agreement included the sale of the original plans for the project, which outline the development of a mixed-use multi-purpose centre, built on 5,504 sqm of land.

The project, located on Larnaca’s Phinikoudes beachfront, is expected to comprise of 20 stories, exceeding 70 meters in height. According to the original designs, the development will combine retail, commercial and residential areas, with the addition of a luxury boutique hotel.

The original cost of its construction has been estimated at €100 million.Though the Lefkaritis family has long been in talks with prospective investors regarding the Larnaca project, it remained unclear as to whether Kimon would be sold whole or if strategic investors would participate in the implementation of its development.