BOCY sells “non-core” hotel properties in Greece for 9.6 mln
The Bank of Cyprus announced that it has sold three non-core assets in Greece in deals worth a total EUR 9.6 mln. The hotels, two in Corfu and one in the exclusive Athens suburb of Glyfada, were offered in open bidding and the revenue is well within the bank’s expectations, despite the difficult sitaion of the Greek economy and the property market.
Thus, the bank said, it continues to reduce its exposure to the Greek market and deleveraging its balance sheet, adding that the sale of assets in Greece continues. As of September 30, the bank had in its possession a total of 637 foreclosed properties in Greece with a book value of EUR 192 mln, according to its financial statement.
Already, the bank has advertised the sale of two commercial properties in the Attica area, a 7,500 sq.m. industrial property and another one of 19,500 sq.m.
Back in Cyprus, it has posted several housing and commercial properties for sale on its website http://propertiesforsale.bankofcyprus.co m/en-GB/ , including three supermarkets previously owned by Orphanides subsidiaries, a building along Limassol’s central Makarios Ave. (EUR 5 mln), the former Laiki-Grindlays 8-floor building on Makarios Avenue in Nicosia (EUR 8 mln), a 7-floor building on the corner of Makarios and Aphrodite (EUR 11 mln), the former Philiki/CNP Insurance building on Vyzantiou street in Nicosia EUR 3.5 mln) and various other properties, including plots.