Filenews 18 January 2026 - by Dora Christodoulou
An agreement worth tens of millions of euros was signed today at the facilities of the SODAP wine industry, in the Stroumbi-Polemi area, for the lease of the organization's piece of fillet on the beach of Kato Paphos. The agreement was signed with the company Kanika and based on the agreements, SODAP will collect tens of millions of euros in rents for the lease period of the plot, in an agreement that is considered particularly beneficial for the viability of the Organization.
The agreement concerns the lease of the coastal area of Kato Paphos for a period of 66 years. Provision was made for this period of time to apply, if in the 33 years it is found that the financial obligations on the part of the tenant are fulfilled.
The agreement provides that for the first 15 years of the agreement, SODAP will have an annual rent of €800,000 plus a 2.5% increase per year. From the 16th year until the end of the contract, the rent will amount to €1.6 million per year plus a 2.5% increase per year.
In addition, it was agreed that with the signing of the agreement, SODAP will receive in the form of a bonus an amount of half a million euros from Kanika.
The lease agreement provides that the company will build a five-star hotel with at least 285 beds on the plot at a cost of €53 million.
The importance of the agreement caused today a massive presence of shareholders of SODAP with voting rights and it is estimated that more than 220 people took part in the process and vote for the approval of the agreement. Of the shareholders, only seven voted against the lease of the space.
Speaking to "F", the Director of SODAP, Yiangos Tsivikos, spoke of a historic agreement and a financial reality that is particularly beneficial for the Organization and its future.
