Insider Business Interest in a new BoC Alternative Investment Fund

Interest in a new BoC Alternative Investment Fund

Bank of Cyprus’ Real Estate Management Unit (REMU) is preparing a new AIF just like CyCeit for NBG Pangaea Real Estate Investment Company, according to INSIDER reliable information.

The new alternative fund, which is almost ready to be registered, will include property generating a total income of €40 million and is most likely to have the same fate as Cyreit.

CYREIT was set up by BoC as a vehicle for the sale of properties which were acquired by the lender through arrangements for nonperforming loans. The whole package was bought by one and only investor – NBG Pangaea.

It will be clear before the end of the year whether the interest expressed by NBG Pangaea for a second BoC AIF bears fruit, a source also said.

BoC’s six-month report shows that the Group has decided to classify leased properties acquired through debt swap under ‘Investment Property’ rather than under ‘Stock’. This change has been applied retrospectively, resulting in the adjustment of comparative amounts.

As a result of the classification change property with a book value of €118 million (measured at the lowest cost and net liquidity value in accordance with IAS 2) to investment property (which are measured at a fair value in accordance with IAS 40).

BoC Group carried out purchase and sale agreements at a total contract price of €110 million (258 properties) during the six months which ended on June 30, 2019. This excludes the sale of Cyreit Variable Capital Investment Company PLC.

In addition, the Group signed purchase and sale agreements for the sale of property at a contract price of €89 million during the aforementioned months.

Within 2019, the Group completed the sale of Cyreit which consisted of 21 properties, acknowledging loss from the tansaction of approximately €1 million. Cyreit’s total assets for the  Group was €160 million.

 

Read more:

https://in-cyprus.com/total-assets-of-investment-funds-up-by-4-in-the-2nd-quarter/

Top Stories

Partly cloudy on Thursday with local rain, isolated thunderstorms

Partly cloudy on Thursday with local rain and isolated thunderstorms as well as light snowfall in the afternoon in high mountains. Winds will initially be...

UNFICYP renewal’s draft text approved, set to be adopted late on Thursday

UN Security Council members have agreed on the text of the draft resolution for the renewal of the UN peacekeeping force in Cyprus (UNFICYP)...

128 new cases, three deaths announced on Wednesday

The Health Ministry announced the death of three persons due to COVID-19. This raises the death toll from the virus in Cyprus to 193,...

Where to get antigen rapid tests between Thursday and Sunday

The Health Ministry announced the following antigen rapid test sites during the period 28-31 January 2021: LIMASSOL Church of Agios Ioannis Eleimon, Limassol 08:30-18:30 Cultural Center Mesa...

Israel, Denmark to vaccinate all athletes for Tokyo Olympic Games

Several countries, including Israel and Denmark, said on Wednesday they would vaccinate their athletes and staff against COVID-19 ahead of the Tokyo Olympics, amid...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...