Cyprus Property News
Cyprus | Posted:

Orphanides sells a second property to BOC in July 2012

A second property within a few days is sold by Orphanides (the listed Nicosia based supermarket chain) to Bank of Cyprus PLC.

The property is located in Limassol and the final sale price was agreed at 7.1m euro. Orphanides maintains the right until the end of 2013 to repurchase the property or the shares of the company Ecunaland Properties Limited in which the property was transferred.

As in the previous case, the move is in accordance to the restructuring and debt reduction plan of the supermarket group. The selling price was fixed by two independent property valuers that were appointed by the purchaser.

From this sale it is expected that a loss of 372.000 euros will occur to Orphanides balance sheet. As we have already mentioned, Orphanides announced a similar move on the 4th of July for a property that was sold for 5.4m euros.