Cyprus Mail

Kato Pyrgos angered by move to sell co-op building

kato pyrgos

Kato Pyrgos community council on Friday voiced objections to a reported decision by asset management company Altamira to sell the former Kato Pyrgos co-op building, which they said had been promised to them by the government.

In an announcement, the council said that it had been informed that the finance ministry had given the green light to Altamira to sell the property and that the community council could bid to buy it.

“We consider it incomprehensible that it be suggested that we use community funds to buy property belonging to residents,” it said.

It was also incomprehensible that rather than be returned to the community and its legal inhabitants, property built with the blood and sweat of our grandfathers and fathers and after work over decades, to be put on auction, it added.

A sale would be just another blow below the waist to already beleaguered Tylliria and its residents it said, as it announced that it would immediately start a campaign using all legal means to obtain possession of the property.

Altamira is the asset manager for state-owned Kedipes which began operation in September 2018 to manage the non-performing assets of the former state-owned Cyprus Co-operative Bank, whose deposits and performing loans were sold to Hellenic Bank.

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