Efforts by the Bank of Cyprus to offload real estate assets taken from customers who defaulted on loans are moving ahead with investors snapping up mainly commercial assets, reports philenews.com.
According to unnamed sources cited by the Cypriot website, local and international investors have been buying these assets in the last month as the bank tries to get on top of its massive pile of bad loans left behind by the country's economic crisis in 2013.
Real estate assets in the Nicosia areas of Aglandjia and Aghios Andreas, totalling nearly seven million euros on the books of the Cypriot lender are among those that have been sold, added the site.
As part of its debt for property swaps program, Bank of Cyprus is managing 1,124 pieces of real estate worth some 1.4 billion euros, with 87% of its located on the island and 10% in Greece.
Up until now, the bank has sold 155 million euros of assets from this pile and aims to sell another 340 million euros this year.