Despite a numbness in the market sparked by uncertainty over foreclosure and bank restructuring processes, Gordian Holdings which is the credit acquiring company set up in Cyprus by Apollo investment fund, is flexing its muscles.
To start with, it has put up for sale some real estate it owns since last month through its acquisition of the “Project Helix” portfolio from Bank of Cyprus.
Gordian Holdings has created a separate website for real estate it intends to sell, foreclose or even rent. But at this stage the company has not put up for sale a big number of high-value property.
Specifically, a warehouse-exhibition space at Limassol’s Agios Athanasios area is now up for sale at the price of some €3 million. Also for sale is a plot of land in Pyla, Larnaca district, for the price of €1.5 million. Other property currently on sale is worth less than one million euros.
At the same time, Gordian Holdings has set in motion the foreclosure process for five properties with a starting price of over one million euros. But following last week’s voting in the House plenum of an amended foreclosures bill which basically slows down the process it is not clear what the company’s next steps will be.
At the same time, through the bidding process the company has on offer four properties classified as of investment nature. Two of them are in Nicosia and the other two in Limassol.
One property in Nicosia is located at Faneromeni area, on pedestrian Onassagorou street, and also houses The Gym which is a very popular restaurant/café/bar.
This does not necessarily mean that The Gym or any other shop there will be affected by the process that Gordian Holdings has kick-started. The building’s price is €1.2million.
The second building which is up for sale is in Strovolos area and is 1530 square metres long. Its space is currently rented out to private companies, and the sale price is set at €2.7 million.