Further details regarding its real estate debt swap agreement were given by CTC Group, Cyprus Limni Resorts & Golfcourses Plc.
According to the latest information, the company proceeded to the transfer of real estate property in Limni, Polis Chrysochous, for 93.3 million euros. The properties were acquired by Hamura Properties and Dilero Properties, subsidiaries of Bank of Cyprus.
Regarding real estate, it is clarified that they occupy the area covered by the licenses issued for the creation of two golf courses and other developments in which the Limni Bay project will be created. “We believe these transactions will help to speed up the project,” he said.
Furthermore, it is clarified that some of the estates in Limni as well as the estates in Kinousa and Lysos as well as houses in Limni, totaling 300 thousand sq. M. remain in the ownership of the company or its shareholders and are offered for future development and exploitation.
Source by Philenews