Insider Business Homes, hotels and golf courses in debt to asset swaps

Homes, hotels and golf courses in debt to asset swaps

More and more real estate, from houses to hotels and golf courses is being transferred to the Bank of Cyprus from people unable to repay their loans. By the end of the first quarter of 2018, real estate stock at the bank rose by 689, but there were  only 123 sales, which represents only 5% of all property held by the the Real Estate Management Unit of  the Bank of Cyprus (REMU). Moreover, REMU has reached agreements to swap another 177 properties for debt.

At the end of the first quarter of 2018, REMU had 2460 properties worth €1.52b in its possession These properties include 487 houses of €159 million, 195 shops and offices (€229 million), 57 hotels (€94 million), 1,261 land plots (€566 million), three golf courses (€265 million), as well as 596 properties in Greece and Romania (€122 million).

During the period from 31 March to May 4, 2018, the Bank of Cyprus Group completed sales of €27 million. From the beginning of the year until May 4, the group sold 123 properties for € 97 million. Additionally, it signed sales agreements for real estate with a contract price of €17 million.

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