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Picture by Stefanos Kouratzis

Local banks want to off-load commercial property worth €200 million

 

Commercial real estate worth around €200 million is looking to be off loaded by local banks searching for extra liquidity.

Bank of Cyprus, Hellenic Bank and the Co-op are holding expensive real estate they acquired loan restructuring and are now looking for buyers.

The properties include shops, offices, car showrooms and warehouses.

Most of these properties are located in Nicosia with a price tag exceeding €1 million.

Bank of Cyprus holds real estate valued at around €86 million in the capital including two former supermarkets and three showrooms.

The largest commercial property it owns – valued at €34 million) is Strovolos mall where Orphanides supermarket used to be.

Hellenic holds a large former car showroom in Nicosia estimated at €22 million while the Co-op owns an office block and a parking lot.

In Limassol the same banks hold commercial properties estimated at around €44 million with the most expensive valued at €6 million.

Bank of Cyprus is the only bank to own large commercial assets in Paphos and Larnaca worth in the region of €35 million.

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