Cyprus' Woolworth Properties has sold three real estate assets to Bank of Cyprus for 44 million euros, freeing up cash to spend on its growth plans, the company said in a statement.
The three properties are:
1-The Siakola Tower on Ledra Street, Nicosia. Most of its has been leased to retailer H&M.
2-Retail store in Strovolo that has been leased by Superhome (DIY)
3-Store in Limassol that has been leased to Debenhams Apollon.
Based on the book value of the properties, Woolworths is taking a loss of some 5 million euros on the assets, the statement added. The deals are expected to be concluded by the end of the month.