Bank of Cyprus Credit Ratings and Financial Position
REMU - decline of foreclosed assets inflows and sales record positive results
€1.82 bn sales of 4,018 properties across all property classes since set-up
Sales € mn (contract prices¹)
Evolution of properties managed by REMU
# 99
# 331
Group BV (€ mn)
# 575
# 579
# 492
#1,130²
# 674
# 138
1,116
Sales €1.82 bn
505
160
(41)
(19)
1,050
1,050
(8)
56
64
202
22
235
330
238
179
345
249
1003
184
471
91
43
149
2016
2017
2018
2019
2020
2021
2022
1Q2023
01 Jan 2023 Additions
Sales
Helix 3 and Sinope
Organic sales
Transfer Impairment 31 Mar 2023
to/from own loss & fair
properties value losses
BV by
property type
# properties
Cyreit
Overseas
Residential
Commercial & Manufacturing
Hotels
Golf
Land
Breakdown of cumulative sales1
by on-boarding year (€ mn)
Cumulative sales by property type; 39% of sales relate to land
Sales contract price
374
% Sales
74%
of vintage
stock (BV)5
19
677
431
192
99
€1.82 bn
27
60%
69%
57%
50%
5%
9%
Legacy4
2016
2017
2019
2021-2023
2018
2020
1)
Amounts as per Sales purchase Agreements (SPAs)
2)
Number of properties include 421 properties from Project Helix 3 and 6 from Project Sinope
4)
3)
Classified as non-current assets and disposal groups held for sale" since 2021 and were derecognised
with the completion of Project Helix 3 in November 2022
5)
Land
39%
16%
€1.82 bn
Commercial
Hotels
Residential
8%
Cyreit
Overseas
23%
Legacy properties relate to properties that were on-boarded before REMU set-up in January 2016
The BV of the properties disposed at the date of disposal as a proportion of the: BV of the properties disposed at the time of the disposal
plus the BV of the residual properties managed by REMU as at 31 Mar 2023
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