Sale by banks of real estate for 200 million euros
In order to compensate for losses incurred in connection with non-performing loans of debtors, banks of the Republic of Cyprus plan to sell commercial alienated real estate. The amount of anticipated sales is estimated at 200 million euros. These actions will help banks improve their liquidity.
The Bank of Cyprus, Hellenic Bank and the Cooperative Bank of Cyprus are going to offer commercial properties for sale. Most of the properties are located in Nicosia, and the cost of each individual property is more than one million euros. It is planned to realize shops, car dealerships, warehouses and offices.
The Bank of Cyprus has real estate facilities worth 86 million euros, including 2 former supermarkets and 3 demonstration halls. The largest object of the bank (in the past supermarket “Orfani-dis”) is located in Strovolos and is estimated at 34 million euros.
The property of Hellenic Bank has in the past a car dealership, which is located in Nicosia at a cost of 22 million euros. In its turn, the Cooperative Bank has a business center and a fairly large parking lot.
The total amount of real estate that belongs to the above-mentioned banks in Limassol is estimated at 44 million. Euro. The largest object costs 6 million euros.
Only the Bank of Cyprus owns large commercial assets in Paphos and Larnaca, the cost of which is estimated at approximately 35 million euros.
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