Panayiotis Rougalas
The Bank of Cyprus has closed a major property deal with fintech firm Exness, selling land worth €75 million in Paphos, sources confirmed to Kathimerini Cyprus.
The deal involves approximately 200,000 square meters of land, previously owned by the bank's Real Estate Management Unit (REMU). The property originally came under the bank’s ownership through a debt-to-asset swap with the Leptos Group, tied to the now-stalled “Neapolis Smart EcoCity” project.
This is the most expensive asset REMU has sold since its creation in 2016, marking a milestone in its ongoing mission to shrink the bank's real estate portfolio, once bloated by bad loans.
The sale moves the bank closer to its end-of-year goal of reducing its total recovered real estate holdings to around €500 million. As of April 2025, following the Exness deal, that figure now stands at €575 million, down from a high of €1.6 billion in previous years.
While Exness has not announced any development plans for the land, insiders say the acquisition is part of a long-term “backup plan.” One possibility being floated is the future construction of an “Exness Campus” to house staff, especially if Limassol becomes saturated in terms of housing. Others speculate the land could be used for employee accommodation down the line.
Given Cyprus’s soaring land prices, especially in Limassol, purchasing land in nearby Paphos could turn out to be a smart strategic move. The site is about a 40-minute drive from Exness’ main offices, which is shorter than the daily commute between Nicosia and Limassol for many workers.
A look at the property.
According to REMU’s listings, the property includes five subdivided plots in Geroskipou, about 750 meters southeast of the Stelios Kyriakides Stadium and 1.8 kilometers northeast of Poseidonos Avenue. The area includes both undeveloped farmland and residential developments. The land falls under agricultural zoning with relatively high building density allowances of 105% (120% for one of the plots), a 35% coverage ratio, and up to four floors of buildable height.
The land became bank-owned in 2022 following a 2019 agreement with Pandora Investments, part of the Leptos Group, for early repayment of long-term loans. That agreement marked the winding down of the Neapolis Smart EcoCity vision, and all convertible bonds issued by Neapolis Developments (a Pandora subsidiary) to the Bank of Cyprus were repaid.
REMU sales top €1.1 billion since 2019.
According to the Bank of Cyprus’ Q1 2025 financial report, REMU has sold over €1.1 billion worth of property since 2019, far outpacing the €500 million in assets it acquired during the same period.
In the first quarter of 2025 alone, REMU completed €22 million in property sales, compared to €93 million in Q4 2024 and €17 million in Q1 2024. Q1 2025 brought €2 million in profit from property sales, reversing a €4 million loss in the previous quarter.
Land accounted for 37% of the gross value of Q1 2025 sales. During this period, REMU signed contracts for 98 properties worth €24 million, compared to 113 properties worth €23 million in Q1 2024.
As of March 2025, REMU was managing €634 million worth of property, down from €836 million a year earlier. With the Exness sale in April, that number has now dropped to €575 million.
