The Ledra Arcade, a commercial centre in central Nicosia that used to belong to the Cyprus Trading Corporation (CTC) is up for sale by the Bank of Cyprus’ Real Estate Management Unit (Remu) for €10.5m.
The prime real estate has been reportedly obtained by the BoC as part of the restructuring of the CTC Group.
The commercial centre is currently in a tender process with interested parties urged to submit their bids by June 7 the latest.
It comprises of five shops, a 450-square metre common area and three-level underground parking with 154 parking spaces spanning 4,500sq m.
“The immediate area of the property comprises of listed buildings of residential and commercial use and is considered to be the traditional commercial centre of Nicosia,” the Remu listing says. The property also “benefits from an unused building density of c. 2.500sqm.”
Nicos Shacolas, chairman of the Shacolas Group that owns CTC, had announced at the beginning of 2015 that a small mall would be constructed at the Ledra arcade with the addition of two more floors. The aim, he had said at the time was to provide value and service to consumers across the city.
The Shacolas Group had reached an agreement in December 2018 with the Bank of Cyprus for the lender to buy mainly real estate and equity worth €228m. The aim of the deal is to reportedly reduce the bank facilities and other obligations of the group’s companies.
Under the deal Bank of Cyprus subsidiary companies were to buy real estate assets of CTC group companies or shares in companies of the group that have property of a total value of approximately €228m.
The Group had said at the time that taking into account the conditions and changes formulated in recent years in Cyprus and within the framework of the deleveraging strategy of the group, mainly due to the banking crisis of 2013, it has decided that the agreement with the Bank of Cyprus was in their best interest.