Paralimni Marina: Brings a "colossus" of yachts - Agreement with "Ferretti" group

One of the most important shipyards in the world, the Ferretti Group, is expected to have its headquarters in Cyprus at the Paralimni marina

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A very important agreement with one of the most important shipyards and one of the best-known names in the world of yacht construction was signed by PMV Maritime Holdings Ltd, the construction and management company of the Paralimni marina, which is expected to be operational in 2024. The giant company has a turnover which exceeds 1 billion euros and under its "umbrella" are major luxury yacht brands such as Feretti Yachts, Riva, Pershing Yachts and Itama Yachts.

The company has signed an agreement with PMV Maritime Holdings Ltd, and will now be the exclusive agent of the huge range of ultra-luxury yachts it offers in Cyprus.

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The Ferretti Group

The Ferretti Group is currently one of the largest shipyards in the world, with a turnover exceeding one billion per year. The group includes all the high-end luxury yacht brands, such as Feretti Yachts, Riva - which is described as the Ferrari of the seas -, Pershing Yachts and Itama Yachts.

In terms of superyachts, which typically start at 30 meters and with the cheapest boat priced at €10 million, the group has the Wally, CRM and Custom Line brands. The latter concerns boats specially designed based on the customer's requirements.

The company was founded in 1968 by Alessandro and Norberto Ferretti and produced its first motor yacht in 1971. During the 1980s, the two brothers decided to specialize in the production of luxury motor yachts. Later, they established a new facility in Forlì, Italy, which today houses the company's headquarters.

In the early 1990s, the Ferretti Group began an internationalization process. In 1993, Ferretti of America, Inc. was founded. for motor yacht marketing in the United States, Canada, Mexico, Venezuela and the Caribbean. Ferretti of America joined the sales network already present in Greece, France, Spain, Germany and Great Britain, increasing the impact of Ferretti's sales abroad.

In 1994, Ferretti started an international marketing process, creating a strategic network of dealers outside Europe. During the second half of the 1990s, it began an expansion strategy for the outer lines through the acquisition of companies producing luxury motoryachts.

In 1996, Ferretti became active in the field of fiberglass flybridge yachts, 28 to 40 meters long, through Custom Line SpA Two years later, the group bought Cantieri Navali dell'Adriatico-CNA Srl, which specialized in the construction of open motor boats with the famous Pershing brand.

In the same year, Ferretti entered the sports fishing boat business with the acquisition of the American company Bertram Yacht, Inc.-the Miami shipyard. Bertram Yacht was sold in 2015.

In 1999 the Ferretti Group bought CRN SpA, a shipyard specializing in the production of maxiyachts in fiberglass and megayachts with steel hulls and aluminum superstructures, over 30 meters in length.

Over the next decade, the group expanded further through acquisitions of other companies in the space.

In December 2009, with the aim of continuing to focus on its core business, the Ferretti Group sold its 60% stake in Pinmar SL, a Spanish company specializing in large yachts owned by Irish businessman Sean Ewing.

In March 2010, Ferretti continued its divestment policy by selling 100% of Apreamare SpA, which included the Torre Annunziata (Naples) nautical... polo, to the Aprea and Pollia families, founders of the historic Sorrento brand. In 2010, Ferretti Group Brasil was founded.

In 2012 Ferretti was acquired by the Chinese multinational heavy machinery and automobile manufacturer Weichai Group.

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The works in the marina of Paralimni

The works of the first phase of the Paralimni marina are progressing at an intensive pace and the first phase of the buildings and port works will be ready by the end of the year, when the docking of the first boats will begin on a pilot basis.

The first phase of the project, which will cost more than 100 million euros, will include 150 berths, 44 residential units, shops, restaurants and cafes. Already over 90% of the residential units of the first phase have been sold, mainly to Cypriots, while all 14 commercial shops that will be created have been rented.

During the second and final phase of the project, the number of residential units will increase to 80, the berths will increase to 300, while a boutique hotel will also be built on the site. Boats from 8 to 25 meters can be docked in the marina.