Aer Rianta completes Cypriot duty-free deal

Aer Rianta International (ARI), a subsidiary of Dublin Airport Authority, has completed its acquisition of the remaining 50 per cent shareholding in CTC-ARI from its Cypriot partner Dermes Department stores for a cash consideration of €54 million.

The deal, which was first announced on May 30th, is reflective of the airport shopping operator’s commitment to growth in the Middle East region.

CTC-ARI is the parent company in the Cypriot business which operates retail stores at Larnaca and Paphos airports under a long-term exclusive concession arrangement to 2031. CTC-ARI generated turnover of €88 million in the year to the end of December 2013. It operates close to 5,000 sq. metres of retail space, and employs 375 people directly, across both airports.