BoC sells three hotel units in Greece

In an attempt to reduceits involvement in the Greek real estate market Bank of Cyprus (BoC) has gone ahead and sold three hotel units in Greece and received a total amount of €9.6 million in an open bidding procedure.

Two of the hotels that were sold are located on the island of Corfu and the other in the area of Glyfada near Athens.

According to the bank the company is trying to reduce its stake in the Greek real estate market due to the high instability and market fluctuations that exist.

The bank says this trend will continue in the future until the bank manages to get rid of all its problematic and non-performing assets in the country and re-establish a positive financial outlook.

Source: InCyprus