Bank of Cyprus sold three hotels in Greece for € 9,6 million, according to a report by Philenews.com (site of Cypriot Fileleftheros newspaper) which metnioned the following:
“According to ” F ” information from Greece, Cyprus Bank recently got rid of the three major hotels in operation, that became the property of the Laiki Bank portfolio.These properties are not passed to the ownership of Piraeus Bank, which absorbed the activities of Cypriot banking groups in Greece.
Significant interest
As reported, the hotels were for some time on the website of Bank of Cyprus among the various properties for sale both in Cyprus and in Greece. One hotel is located in the Athens suburb of Glyfada and the other two are in Corfu and operated privately.
Interest in the Bank of Cyprus Greece property from prospective buyers was quite significant. According to the same sources, the hotels went in Russian and Egyptian investors’ hands, who hold several properties in Greece.
Price close to estimates
The procedure for the sale of three hotels, was described as open bidding.
The selling price of the hotels was very close to the estimates of the Bank which, consequently, suffered no loss from the sale.
Bank of Cyprus is estimated to hold about 700 real estate properties in Greece and efforts to get rid of those inherited from Laiki Bank’s portfolio, will intensify in an effort to increase the bank’s liquidity.”
