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Nicosia Municipality and Bank of Cyprus’ Real Estate Management Unit purchased a property known as Stoa situated within the walls of Old Nicosia.

The building was purchased for EUR2.8 million with the Municipality of Nicosia signing a loan agreement with the Bank of Cyprus for the amount on the same day the property was bought.

The building will be used by Research centre on Interactive media, Smart systems and Emerging Technologies (RISE), a proposed centre of excellence.

In an announcement, Nicosia Municipality also noted the use of the particular building aimed to promote development and progress in the walled city.

RISE is a joint venture between the three public universities of Cyprus, Municipality of Nicosia, and international partners, Max Planck Institute for Informatics (Germany) and University College London (UK).