CYPRUS: APS sells six Hellenic Bank repossessed properties for EUR 16.1 mln

Hellenic Bank’s property recoveries subsidiary APS Debt Servicing Cyprus has sold six properties worth EUR 16.1 mln in March, acquired by the bank mainly through debt-to-asset swaps.

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 APS said it has sold the following properties in March:

• A commercial building in Paralimni (shop and apartments), for EUR 1.6 mln.

• A residential plot in Mutagiaka, Limassol with for approximately EUR 2.5 mln.

• Plots in Makedonitissa, Nicosia that previously belonged to the Church for around EUR 3 mln.

• Tourist apartments in the area of ​​Pyla in Larnaca for EUR 3 mln.

• A tourist plot in Ayia Napa for EUR 3 mln.

• A commercial building in Polemidia, Limassol in a sales package along with 3 villas in Limassol's Governor’s beach for about EUR 3 mln.

APS Debt Servicing Cyprus also presented to the market in March, three more major properties worth  more than EUR 14 mln. The first property on the list is a warehouse and a commercial building in Ayios Athanasios of Limassol – on 10,000sqm of government land, with total enclosed spaces of 9,000sqm.

The transaction is one of the first to be achieved by consensus between the Bank and the government as the owner of the land.

The lease of the land expires in about 25 years with the right to renew for another 33 years. The targeted price is EUR 11 mln.

The second case concerns a large complex of apartments, offices and shops in Aradippou, most of them being rented out. Units will be sold either separately or as a single property. Finally, APS is seeking to sell a commercial building in Limassol currently rented out, with an indicative of EUR 2.4 mln.

APS Debt Servicing Cyprus manages Hellenic’s non-performing loans and real estate assets.