Woolworth Properties Plc has agreed to sell three properties worth €44 million to Bank of Cyprus, the company said on Thursday in a filing with the Cyprus Stock Exchange.
The deal concerns the Shacolas Tower on Ledra Street, the Superhome Center (DIY) department store in Strovolos, and Debenhams Apollon in Limassol.
The properties are to be sold to the bank’s subsidiaries Ravenica Properties Ltd, Wiceco Properties Ltd and Arleta Properties Ltd.
According to Woolworth, the transfer of these properties will be completed within February.
The proceeds will go toward boosting the Group’s liquidity which will help implement new planned development projects as well as reduce its credit facilities and other obligations.
Based on the properties’ book value, the net accounting loss to the Woolworth Group will amount to approximately €5 million.