More than 300 properties that belong to the now-defunct Cyprus Cooperative Bank (CCB) will be acquired by municipalities and communities, after a cabinet decision on Monday.
Finance Minister Harris Georgiades said that 305 properties, with a total worth of €57 million, will be given to 153 communities and 14 municipalities.
Three more properties will be used to house state services.
“Two properties in Nicosia and one in Limassol, with a total worth of €22 million, will be used to house state services. The acquisition cost will be used to cover KEDIPES’s debt towards the state,” Georgiades said.
One of the properties in Limassol will house the Deputy Ministry of Shipping.
The government will also acquire Rialto Theatre in Limassol, which will continue to operate as a theatre.
Georgiades added that there is an additional list of properties which is currently evaluated and could be used by the government in the future.