Bank of Cyprus sells 35 prop­er­ties worth € 450 mln

Financial Mirror (Cyprus) - - PROPERTY -

Bank of Cyprus has sold 35 prop­er­ties to mainly for­eign buy­ers, yield­ing some EUR 450 mln while un­load­ing non­core as­sets and con­tribut­ing to jump-start­ing big de­vel­op­ment projects.

Each prop­erty is worth tens of mil­lions of eu­ros, with the ma­jor­ity be­ing sold to for­eign in­vestors who took ad­van­tage of the cri­sis that hit the is­land, as most prop­er­ties were ac­quired by BoC as part of as­set to debt agree­ments.

The above fig­ures do not in­clude the bank’s re­cent sale of 21 prop­er­ties worth EUR 149 mln to Greek com­pany NBG PANGAEA. As re­ported by In­sider, the prop­er­ties were sold mainly to in­vestors from third coun­tries such as Rus­sia, Is­rael, Le­banon and China.

Ten of the most im­por­tant trans­ac­tions are:

1. A seafront plot of land in Li­mas­sol which was bought by a Rus­sian in­vestor for EUR 80 mln, who is now de­vel­op­ing the ‘Tril­ogy’ hous­ing and com­mer­cial project.

2. A seafront plot in Pyr­gos, Li­mas­sol was sold to an in­vestor from Le­banon for EUR 40 mln. The in­vestor is also to build a hous­ing and com­mer­cial project.

3. Chi­nese in­vestors plan­ning to build the first Sof­i­tel in Cyprus have bought an­other seafront plot in Li­mas­sol for EUR 30 mln.

4. The Ker­mia Ho­tel in Ayia Napa was sold to Cypriot ho­tel com­pany At­lantica for EUR 26.5 mln, with the com­pany in­vest­ing sig­nif­i­cant amounts in re­fur­bish­ing and ex­pand­ing the ho­tel.

5. Three ho­tels in Paphos (Cypria Maris, Laoura, Cyprian Bay) worth close to EUR 60 mln was pur­chased by the Is­raeli com­pany Fa­tal. The ho­tels have un­der­gone ren­o­va­tions and re­brand­ing.

6. Paphian Sun Ho­tel in Paphos, which was closed for a long time, was bought by the Cypriot ho­tel com­pany At­lantica Ho­tels and Re­sorts for EUR 15 mln and is cur­rently be­ing ren­o­vated with plans to open its doors in the sum­mer of 2019.

7. Ni­cosia’s for­mer Hol­i­day Inn which was pur­chased by Greek PANGAEA for EUR 12.5 mln.


8. Touris­tic plots in the vil­lage of Sotira in Fa­m­a­gusta were sold for about EUR 12 mln to an Is­raeli in­vestor. The in­vestor aims to de­velop the seafront plots in the near fu­ture.

9. Plots of land in Peyia, Paphos were ac­quired for about 10 mil­lion eu­ros by a Rus­sian in­vestor with plans for fu­ture de­vel­op­ment.

10. Cy­field, a Cypriot de­vel­oper com­pany ac­quired a build­ing on Makar­ios Av­enue in Ni­cosia, owned by Bank of Cyprus for EUR 10 mln, which it de­mol­ished and is now erect­ing what is to be the cap­i­tal’s tallest build­ing, dubbed the ‘360’.

Mean­while rel­a­tively lower value trans­ac­tions made, in­clude the sale of the for­mer sports cen­ter of Bank of Cyprus, which was bought by the Se­nior School and a plot of land on the coastal front of Phinikoudes in Lar­naca which is to be de­vel­oped by a Rus­sian in­vestor.

BoC is close to seal­ing other deals which will see the bank of­fload­ing sim­i­lar prop­er­ties in the near fu­ture, In­sider re­ported.

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