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Kermia Hotels Ltd and adjacent land sold

As scheduled, Bank of Cyprus has sold Kermia to Aesara Investment at the price of €26.5 million for a net profit of approximately €2m.

The seller of the Assets is Kermia Ltd (‘’Kermia’’), a wholly owned subsidiary of the BoC, and the purchaser is Aesara Investment Ltd, a company controlled by Vasilis Nicolaides and Demetris Nicolaides, shareholders of Atlantica Leisure Group Ltd.

The transaction has resulted in a net profit after tax of approximately €2 million, based on Group carrying values as at 31 March 2016, and a net capital benefit of approximately €18 million, as a result of the current capital treatment of the Assets. As a result, the Group’s Common Equity Tier 1 (CET1) ratio improved by 0.1 percentage points.

The sale of the Assets is in line with the Group’s strategy of deleveraging through the disposal of non-core exposures and of focusing on core businesses while, at the same time, strengthening its capital position.

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