The Council of Ministers has approved the completion of the state’s acquisition of the Rialto Theatre building in Limassol and its lease to the Limassol Municipality. The decision, taken at today’s cabinet meeting, also sets the framework for the theatre’s management, operation and funding, with state support due to end after 2028.
Acquisition and lease of the building
Speaking after the meeting, Deputy Minister of Culture Klea Papaellina said the cabinet had approved the completion of the process for the state’s acquisition of the Rialto Theatre building.
She said the cabinet had also approved the lease of the building to the Limassol Municipality, “under the terms that govern the lease of properties granted to local authorities”.
A new board of directors
On the management of the company, Ms Papaellina said the cabinet approved the procedures required for the Limassol Municipality to appoint a new board of directors. This would be done “in a way that will, in time, make synergies possible with the cultural bodies and groups of the municipality”.
Employment status of the 12 permanent staff
Ms Papaellina referred specifically to the employment status of the Rialto company’s 12 permanent employees. The relevant procedures will be taken forward by the company’s board of directors and the Limassol Municipality, in cooperation with the Ministry of Finance’s Public Administration and Personnel Department.
The aim, she said, is for the employment status of the 12 permanent employees “not to change, as they will remain employees of the company, and for all their employment benefits to be maintained, as well as their working hours, in the new company that will be created with the Limassol Municipality as its sole member”.
State funding until 2028
On state funding, the Deputy Minister said a grant of €250,000 for 2026, €125,000 for 2027 and €75,000 for 2028 had been approved, in line with the Limassol Municipality’s request. After 2028, no further state grant will be provided.
Cost of the acquisition
Asked by a journalist about the cost of acquiring the building, Ms Papaellina said the cabinet’s agenda had concerned the lease and the overall framework for managing the theatre.
“Today the cabinet’s subject was essentially exactly that. The ownership status and the operating and funding status of the company and the Rialto Theatre, and the handover of the Rialto Theatre building and the Rialto Theatre company to the Limassol Municipality,” she said.
A request by the municipality
The handover of the theatre had been requested by the Limassol Municipality itself, and a number of organisations and public figures in the city had spoken publicly in favour of the move.
Last week, the Rialto Theatre issued a statement supporting the handover to the municipality. It said such a development could provide a sustainable solution for its future, while safeguarding its administrative and artistic autonomy.
From the Co-operative to the state
The Rialto building in Heroes’ Square was constructed in 1930 and originally operated as a cinema, serving for decades as a landmark of Limassol’s social and cultural life.
In 1991 it was acquired by the Limassol Co-operative Savings Bank, which carried out extensive restoration and renovation work. In 1999 it reopened as a modern cultural venue, hosting theatre performances, concerts, film screenings and international festivals.
In 2018, following developments in the co-operative sector, ownership passed to the state through KEDIPES, the Cyprus Asset Management Company. The theatre has since continued its independent cultural activity with financial support.
