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Cyprus

Former co-op buildings donated to local communities

Finance Minister Harris Georgiades said the properties were worth €82m

The government has taken ownership of 309 properties of the former co-op bank most of which will be given to various communities.

Finance Minister Harris Georgiades said the properties, worth €82m were acquired from the asset management company (Kedipes) created after the demise of the co-op.

The minister said 305 properties worth €57m will be used by 153 communities and 14 municipalities. Three additional buildings worth €22m will be used to house government offices and a theatre, Rialto in Limassol, worth €3.2mm, will continue to operate as such.

One will become the home of the shipping ministry in Limassol.

Georgiades said no cash was paid to Kedipes with the transaction considered the company’s first dividend to the state in the form of real estate.

More properties are expected to be acquired by the state at a later stage to be given to communities and used by the government.

“It will include more state services and municipalities, occupied area communities whose requests had not been assessed during the first phase,” Georgiades said.

Various communities and local authorities demanded, after the collapse of the co-op, to be allowed to use various buildings within their jurisdictions.

They will be granted the properties at a token rent.

 

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