Bank of Cyprus sells 65% stake in Aphrodite Hills.
Commission for the Protection of Competition permitted Bank of Cyprus to sell a 65% controlling stake in the holding company of the Thomson Sensatori Aphrodite Hills Resort to a group of US-based investors, with an estimated profit of €58.5 m.
Transaction details are concealed. Bank of Cyprus will retain a 10% stake in the holding company which is involved in the development and sale of residential property and the ownership and administration of a championship 18-hole golf resort and a 290 room hotel in Aphrodite Hills Resort, Paphos.
The portfolio of non-core assets of BOC is estimated at €3.5 bln. The sale is part of the bankÃ¢€â„¢s strategy to dispose of non-performing assets.
Source: Financial MirrorPublication of article from http://www.alexandrou-group.com/ is allowed only with hyperlink to this website!