Panayiotis Rougalas
The Neo Plaza of Kokkinotrimithia in Nicosia, an open commercial mall project in Cyprus that did not meet expectations, has been acquired by AstroBank.
According to sources, the estimated value of the Neo Plaza of Kokkinotrimithia is between 9 and 10 million euros. AstroBank will seek a buyer or find another way to utilize the property.
At the end of June, the property transfer to AstroBank was completed by the company originally registered as Neo Plaza in Kokkinotrimithia.
The property spans 55,000 square meters and includes numerous retail stores, dining centers, a children's play area, a hypermarket, and open parking lots.
AstroBank acquired the property through a debt-to-real estate swap, a common debt reduction method in Cyprus since the 2013 financial crisis.
After several unsuccessful attempts to sell the property at auction, it ultimately ended up on AstroBank's books.
