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The Bank of Cyprus has officially sold off more than €2.5 billion worth of real estate, over 5,100 properties, through its Real Estate Management Unit (REMU), marking a major milestone in clearing long-standing burdens from its balance sheet, according to Kathimerini's Panayiotis Rougalas.
The most headline-grabbing deal? Monday’s €132 million sale of Venus Rock Golf Resort to Shoeller Holdings, better known locally as Columbia Group, the largest single property transaction ever recorded in Cyprus.
Venus Rock had been a thorn in the bank’s side since it was transferred from Aristo Developers in 2016 through a debt-to-asset swap. A sprawling 6-million-square-metre development that included golf courses and potential for hotels, it had sat in REMU’s portfolio for nearly nine years, struggling to find a suitable buyer due to its niche use.
But Columbia’s interest changed everything.
Backed by a German businessman who has lived in Cyprus for 50 years, Columbia Group sealed the deal not just with money, but with a vision. According to REMU Director Anna Sofroniou, the investor wants to leave a lasting legacy on the island by transforming the space into something that adds long-term value to the country.
“The scale of this transaction, along with the buyer’s profile, made this deal possible after years of effort,” she said. “It’s not just about selling property, it’s about creating a future development that Cyprus can be proud of.”
And it’s not the only major move REMU has made recently.
Just days before the Venus Rock deal, the unit also sold the Neapolis Smart Eco City project, developed by Leptos, to fintech company Exness. Together, the two deals added up to €200 million in property sales, a number REMU used to reach in an entire year, not a single month.
Thanks to these transactions, REMU’s property inventory has now shrunk dramatically, falling to €445 million, down from €836 million just over a year ago. This sharp decline puts the unit on track to reduce holdings to double-digit levels within the next few years, as quarterly sales continue between €20-25 million.
While Q1 2025 saw €22 million in property sales and a modest €2 million profit, it marks a steady climb from prior quarters and signals momentum. Land sales made up 37% of total volume, and nearly 100 properties were sold in the first quarter alone.
More than just numbers, the bank sees these achievements as a sign that its long-term strategy, using real estate swaps to reduce non-performing loans, is paying off both financially and economically.
Time is ticking on the remaining portfolio, but for REMU, the biggest weight is now off its shoulders, and Cyprus' real estate landscape is changing with it.
