Gencom acquires four ERA department stores in Cyprus for nominal €1

Nicosia, Cyprus. Gencom Ltd acquired four ERA department stores in Cyprus for a nominal €1, taking over their leases, staff and outstanding supplier orders worth approximately €4.5 million.

The transaction included stores in Nicosia, Limassol, Paphos and Larnaca, as well as the company operating the UNIQUE customer rewards programme.

Transaction timeline

The agreement was signed on May 8, 2025, and was notified to the Commission for the Protection of Competition on June 20.

The commission unanimously approved the transaction on July 17. Completion of the transfer was announced on September 1, 2025.

While Ermes announced the commercial terms in May 2025, a detailed competition decision published in the Official Gazette on August 28 provided further information on the assets transferred and the buyer.

Assets and stores transferred

The transaction covered ERA Mall of Cyprus in Nicosia, ERA Apollon in Limassol, ERA Korivos in Paphos and ERA Zenon in Larnaca.

Ownership of the properties did not transfer to Gencom. The buyer acquired the leases for the premises, along with the stores’ furniture, infrastructure, equipment, trademarks and website domain names.

The agreement also included the entire issued share capital of ULS Unique Loyalty Services Ltd, which operates the UNIQUE customer rewards programme in Cyprus.

Gencom acquired the four operating department stores and the company through which customers collect and redeem loyalty points. The number of programme members and its financial value were not disclosed.

Staff and supplier obligations

Ermes said in its May 2025 announcement that all department-store employees would transfer to the buyer.

Gencom also agreed to assume obligations linked to supplier orders for the spring and summer 2025 season, valued at about €4.5 million.

The amount concerned obligations arising from supplier purchase orders, rather than bank borrowing or wider corporate debt.