articles | 23 September 2018

Bank-owned properties seeking new investors

Entrepreneurs struggling to service their loans have opted for debt to asset swaps which has left banks with significant property portfolios.

A number of high end properties are now available for sale, Phileleftheros reported on Sunday, including  assets  on  Makariou Avenue, Engomi and Strovolos in Nicosia which are listed on  the website of Bank of Cyprus’ Real Estate Management Unit (REMU).

According to the newspaper, BoC is looking for buyers for the premises of former Orphanides Supermarket (59,437 m²), at the price of €34m. The property was vacated after the supermarket chain went bankrupt and now belongs to BoC.

A two-storey commercial building with showroom, located near The Mall of Cyprus and IKEA, is also seeking a buyer for €18.3m, while an eight-storey asset in Makariou Avenue (5,650 m²) is available at the price of €9m.

Additionally, a commercial building close to Stasikratous street is for sale at €6,73m and a centrally located six-storey building in Nicosia with a total area of 3,245 m² (plus 1,370 m² basement) is available at €6m.

Five shops in Makariou Avenue, towards Lykavytos Police Department, are seeking investors for €4.6m.

The price for a six-storey commercial building (3.205 m²) in Ayios Dometios is €5.08m, while a two-storey commercial building in Strovolos (currently operating as a showroom) of a total area of 4,433 m² is for sale at €5m.

A property consisting of four buildings in Dali industrial zone (500 metres east of the Nicosia – Limassol motorway and 310 metres east of JCC headquarters) is for sale at €8.83m, while the estimated price for an industrial unit in Latsia is €5,25m.

Several properties for sale in Larnaca

Following the debt-to-asset swaps, there is also a plethora of properties in Larnaca District, waiting for new buyers. For example, a 15,000 m² warehouse in Aradippou is for sale at €6.2m; an asset located within the Kalo Chorio industrial zone is seeking a buyer at €4.6m, while a commercial building in the Port area is for sale at €3.02m.

Source: InCyprus

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