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Chinese investors in €30 million property deal
September 12, 2019
PROPERTY in Tsiflikoudia area of Limassol is now in the hands of Chinese investors following a €30 million deal with Bank of Cyprus’ REMU (Real Estate Management Unit). The specific property was taken over by REMU during the restructuring of Laiko Group’s loans and is actually LOEL’s former facilities there.
The transaction involves four adjoining pieces of land totalling 32,271 sq. metres. Most of the property (31,171 sq. metres) falls within a residential zone area while a smaller portion (1,100 sq. metres) is within a commercial zone area. This rectangular piece of land starts from Franklin Roosevelt Avenue (near Lidl supermarket) and stretches almost as far as the sea in Karnagio area.