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One of the largest real estate deals ever recorded in Cyprus closed Monday morning, as the Columbia Group signed a €132 million agreement to acquire the sprawling Venus Rock Golf resort in Paphos.
According to an article by Kathimerini's Panayiotis Rougalas, the deal, finalized with the Bank of Cyprus and its Real Estate Management Unit (REMU) at 9:30 a.m. on June 30, marks a major shift for the high-profile property, both in value and vision. The 6 million square meter site had long sat quietly in REMU’s portfolio, never listed publicly for sale, after it was handed over by Aristo Developers during a major debt restructuring in 2016.
Venus Rock had been one of the most talked-about assets in the country’s real estate circles, a massive plot with huge potential but no buyers able to close the deal. That changed after months of behind-the-scenes negotiations with Columbia Group, a company with a broad footprint in shipping, hospitality, catering, and education. Now, with the land finally sold, expectations are high for a significant development that could reshape the area.
Columbia paid €132 million just for the land, signaling plans for an even larger investment ahead. While details of their development strategy are still under wraps, sources say the project is expected to reflect the Group’s wide-ranging business interests.
The Venus Rock deal also marks a major milestone for REMU. In the past year, the real estate division of the Bank of Cyprus has been steadily shrinking its property holdings. Just last April, it struck a €75 million deal with Exness, selling off 200,000 square meters of land. With the Venus Rock sale now complete, REMU’s real estate portfolio has dipped below €500 million, , a steep drop from the €836 million it held just over a year ago.
In the first quarter of 2025 alone, REMU completed 98 property sales worth €24 million, , down slightly in volume but up in value compared to the same period last year.
