Insider Business Seven properties of great value under REMU's new investment fund

Seven properties of great value under REMU’s new investment fund

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/

 

 

 

Top Stories

U.S. could face 200,000 coronavirus deaths, Fauci warns

U.S. deaths from coronavirus could reach 200,000 with millions of cases, the government's top infectious diseases expert warned on Sunday as New York, New...

Limassol: 45 booked in 12 hours for breaking decree

  Limassol police officers on Sunday booked another 45 people for breaking the stay at home decree as police spokesman Ioannis Soteriades told CNA that...

Two more test positive in Turkish-held north

Two more have tested positive in Turkish-held north Cyprus, bringing the total to 64, the Cyprus News Agency reports. It said that three of the...

Minister rebukes irresponsible behaviour

Health Minister Constantinos Ioannou on Sunday expressed concern over the large increase in the number of confirmed Covid-19 cases saying tracing had shown that...

One more dies, 35 test positive for coronavirus

One person has died and another 35 people have tested positive for coronavirus, the Health Ministry said on Sunday. This brings the total number of...

Taste

Village salad

A must-have with every meal is a village salad. You will find it in every tavern or greek restaurant you visit in Cyprus. Make...

Courgettes with eggs

Heat the oil in a frying pan and fry the courgettes at a medium heat until they soften. Add salt and add the eggs....

Classic Pastitsio

Prepare the mince sauce: heat the butter in a pan and sauté the mince with the onion and garlic until nicely browned, mixing well....

Grilled vegetable and goat cheese rolls

Brush the vegetables with olive oil and season. Heat a pan/griddle and cook them carefully until golden on both sides, making sure their shape...