Aristo Developers announced on Friday it has come to an agreement with the Bank of Cyprus for the full repayment of all the Group’s loans, amounting to €283mln.
“Through a debt-for-assets swap arrangement, Aristo Developers transferred properties to the Bank, which, based on the valuations made by the Bank of Cyprus, amounted to at least €310mln,” a written statement said.
The company said the properties offered from the group’s vast “land-bank,” do not compromise the existing projects and the ongoing operations of Aristo Developers.”
“Notably, a significant part of the large-scale Venus Rock Golf Resort project has been included in the exchange, the implementation potential of which is now increased and accelerated,” the company said.
The group said it “remains robust, with an impressive land portfolio in excess of six million square meters, boasting a development potential of hundreds of millions of euros in real estate.”
The current value of the company’s remaining assets exceeded €440mln, Aristo said. Total loans were around €110mln.
Following the debt settlement, all sold properties will be released from mortgage and any encumbrances, it added.
“Therefore, where separate title deeds have already been issued, all transfers to clients can immediately proceed; for projects where the title deeds will be issued at a later stage, all such deeds will be free of any obligations and will be readily transferrable.”