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Monday, September 16, 2024

At 13.7 million REMU's most expensive commercial property

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The “Tofarco Jason Building” the new addition to the list of the unit in Nicosia and specifically in the Holy Confessors

Στα 13.7 εκατ. το πιο ακ ριβεμπορικακο της REMU

The new addition to the list of the Real Estate Management Unit (REMU) of the Bank of Cyprus (BOC), automatically becomes the most expensive commercial property owned by the unit.

Specifically, it is located in Nicosia, in Aghios Omologetis and is being sold by the Bank of Cyprus unit at 13.7 million euros and has nine (9) floors.

The building is the well-known “Tofarco Jason Building”, at the corner of Griva Digeni Avenue and Iasonos Street, opposite the buildings of the Cyprus Chamber of Commerce and Industry. the head offices of the Land Surveying and Land Surveying Department, as well as the Tassos Papadopoulos & Co. law office. BOC's asset is currently fully leased.

 

Στα 13.7 εκατ. το π ικριβεποακνηης /></p>
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<p><strong>REMU's half-year results</strong></p>
<p>As we find in the 6M 2024 results for Bank of Cyprus, in 1H 2024 REMU completed sales (and transfers) of properties amounting to 57 million (compared to 68 million in 1H 2023), with gains from property sales of about 3 million in the first half of 2024 (compared to profits of about 4 million in the first half of 2023).</p>
<p>Two-thirds of sales in gross value in the first half of 2024 to concern land. REMU took on properties of 14m in 1H2024 (compared to additions of 6m in 1H2023), through debt-to-property swaps and repossessed properties.</p>
<p>On 30 As of June 2024, REMU managed repossessed properties with a book value of 790 million, compared to 836 million at 31 March 2024 and 973 million at 30 June 2023, and remains on track to meet its target of reducing this portfolio to approximately 0.5 billion by December 31, 2025.</p>
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Source: www.kathimerini.com.cy

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