Aer Rianta completes Cypriot duty-free deal

Deal demonstrates duty-free operator’s commitment to Middle East region

Aer Rianta  designs, manages and operates duty free and duty paid airport retail outlets in Ireland and nine other countries across Europe, Asia and the Americas.
Aer Rianta designs, manages and operates duty free and duty paid airport retail outlets in Ireland and nine other countries across Europe, Asia and the Americas.

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.

Fiona Reddan

Fiona Reddan

Fiona Reddan is a writer specialising in personal finance and is the Home & Design Editor of The Irish Times