The Bank of Cyprus’ Real Estate Management Unit (REMU) has exceeded its property reduction target for the year two years ahead of schedule, following a rapid string of sales totalling over €200 million in just a few weeks.
The standout transaction was the €130 million sale of Secret Valley (formerly Venus Rock Golf Resort), a 5 million m² seafront development in Paphos- the largest single property sale ever recorded in Cyprus. The buyer is Columbia Group, a Cyprus-based investment entity, concluding four months of negotiations.
In parallel, REMU also finalised a €65 million land deal in Geroskipou, selling 200,000 m² to an investment vehicle linked to the global fintech group Exness. This plot had previously come under the bank’s ownership through a debt-for-asset swap with Leptos Group.
Together, these two REMU property sales have pushed the unit’s real estate holdings well below the €500 million benchmark initially set for end-2025. As of April, REMU’s portfolio had already dropped to €575 million- down from €1.6 billion just a few years ago.
These sales not only represent a significant release of capital and resources, but also signal renewed confidence in Cyprus’ real estate sector. The Secret Valley deal in particular confirms that the local market can now absorb high-value property transactions once considered unrealistic.
Since 2019, REMU has sold assets worth approximately €1.3 billion, with the pace accelerating sharply in Q2 2025. This shift marks a turning point in the bank’s broader strategy to reduce exposure to non-performing loan (NPL)-linked assets and focus on core operations.
As of Q1 2025, the Bank of Cyprus reported a CET1 ratio of 19.9%, a total capital ratio of 25.0%, and net profits of €117 million, all of which support continued deleveraging without compromising solvency. The successful REMU property sales reinforce this position, improve asset quality, and create space for long-term growth and shareholder returns.
Also read: Record €130m Cyprus real estate sale finalised
For more videos and updates, check out our YouTube channel.
