Business

Nine hotels, three golf courses in debt to asset swaps

Nine hotels and three golf courses have come into the possession of the Bank of Cyprus in debt to asset swaps, and the bank’s Real Estate Management Unit (REMU) is looking for buyers, Phileleftheros reported on Wednesday.

It said the total value was €302 m of which €37 m was the value of the hotels and €265m of the golf.

REMU has increased the real estate under management by 1057 in the first nine months of 2018. In 2017, it had 1,951 properties with a book value of €1.64 b. At the end of September 2018,  the number of properties exchanged for debt was 3,008 with a value of €1.56b.

Phileleftheros said at the end of September 2018, BoC’s balance sheet had 557 housing properties worth €163 m, 226 offices and other commercial properties worth €221 m, 56 manufacturing units worth €81 m, nine hotels (€37 m), 1,505 plots of land (€585 m), three golf courses ( €265m)  και 61 buildings under construction (€78m).

The group completed the sale of properties of €154 m in the first nine months of 2018, generating profits of €32 m, the paper added.

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