Bank of Cyprus has put seven properties of an overall value of €40-€45 million under the umbrella of fledgling BOC TERRA AIF V.C.I.C. Plc investment fund set up by its Real Estate Management Unit (REMU).
These properties are in the lender’s possession because of red loans.
The newly set up fund now manages four properties in Nicosia and one each in Larnaca, Paphos and Limassol with BoC estimating their long-term yield to be between 5.28% to 6.4%.
These properties are already partially rented and the potential for further revenue growth is there.
They are well-known properties since they now host popular brand names and retail and catering chains – none of which will be affected by this developments, Phileleftheros reports.
The lenders’ next step is to meet with institutional investors to present BOC TERRA 1 real estate, with a minimum investment ranging in €500,000. The properties included in the fund are:
Korivos: This is located in Paphos and consists of a shopping mall with stores such as Superhome, Next and Debenhams.
Arcade: Shopping mall (Stoa Ledras) with underground parking on Ledras Street, in the historic center of old Nicosia.
Jobelis: Refurbished warehouses at the entrance of Dali’s industrial area.
Flymoon Property: Five commercial spaces in a building located on Makarios Avenue in Nicosia.
Fairways: The property is located in Limassol and consists of two building sites where two car dealerships operate.
Commercial Building: Mixed development in Larnaca consisting of two shops on the ground floor, offices on two floors and two large storage rooms with separate ramps.
Philiki Insurance Block 4: Commercial building used by one tenant only and located on Byzantion Street in Strovolos.
REMU has notified that potential investors will not be able to redeem shares before the end of a five-year period with the first repayment date being January 1, 2025.
And that the fund, managed by Boc Asset Management, should maintain sufficient liquidity to satisfy investment redemption requests at all times.
If there is insufficient liquidity to redeem the required investment shares, then any shortfall will be carried forward to a three months’ period.
Read more:
https://in-cyprus.com/interest-in-a-new-boc-alternative-investment-fund/
