Insider Economy KEDIPES sells real estate worth €195.8 million

KEDIPES sells real estate worth €195.8 million

KEDIPES asset management company formed to undertake the bad part of collapsed Cyprus Co-op bank has so far sold a total of 1,039 real estate properties worth €195.8 million, according to data presented before parliament.

The carrying amount of these assets was €195.3 million, thus, the overall profit of KEDIPES was €529,000.

Most of these properties went to KEDIPES in a debt swap from former Co-op bank clients during restructuring of red loans. Their sale took place between 2016 and the first half of 2019.

After the takeover a year ago of the Co-op bank by Hellenic Bank, the collapsed lender’s red loans were transferred to KEDIPES.  Real estate assets, sold through Altamira, are the following:

– By end of June 2019, 369 properties were sold at the price of €59.9 million.

– In 2018, 459 properties were sold at the price of €81.5 million. The book value of the properties was €88.8 million, thus, KEDIPES had a profit of €2.7 million.

– In 2017, 159 properties were sold. The sale price was €34.5 million, while their book value was €36 million. Co-op bank had recorded no profit from the sale of real estate at that time. Only losses of € 1.5 million had been recorded.

– In 2016, 52 properties were sold at the price of €9.7 million while their book value was €11 million.

Five politically exposed persons (PEPs) are among the buyers of real estate sold by KEDIPES. The sale price of these properties ranged from €35,000 to €160,000.

In addition, four other former Co-op bank properties were bought by current and former KEDIPES employees or their relatives.

The price of these properties is between €14,750 and €71,000.  Responding to questions by members of the House Audit Committee, KEDIPES representatives said that the Co-op bank’s real estate policy had been followed in all these sales cases.

The policy provides for a closed bidding process by interested buyers after the properties are posted on the specific real estate website.

At the same time, it is indicated that the price of the property when posted on the website is determined on the basis of obtained independent evaluations.


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