Cyprus Woolwoorth sells property, books 5 mln euro loss

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.