BANK of Cyprus is giving a final chance to major developers with outstanding non-performing loans to start repaying their debts before the lender resorts to liquidations of collateralised assets, an official said.
For this purpose, the lender is organising a roadshow, where developers, including several with outstanding non-performing loans totalling a ten-figure number, will present their projects to investors from the Middle East and Europe, the Bank of Cyprus official said on condition of anonymity.
“This is their last chance,” he said adding that the bank is determined to clean up its loan portfolio.
The event is scheduled for Monday February 9, at the Four Seasons hotel in Limassol and is organised in cooperation with the Cyprus Investment Promotion Agency.
The developers have been invited to give a 15 minute presentation on their respective projects as listed below:
- Shacolas Group (Limni Bay & Shacolas Emporium Park)
- M.M. Makronisos Marina Ltd (Makronisos Marina)
- Tofarco Group (Lord Byron Towers)
- A.I. Poyadjis & Stylianou (Santa Roza Tower)
- Leptos Estates (Neapolis Smart EcoCity & Blue Marine)
- Aristo Developers Ltd & Dolphin Capital Investors (Venus Rock & Eagle Pine)
- Universal Life (Vasa Golf Resort)
- Church of Cyprus (Macedonitissa Estates: The Project)
- Pafilia Property Developers (Pafilia Tower & Limassol Landmark)
- Athienitis Contractors & Developers (Nicosia City Mall)
- Condiarto Investments Ltd Group of Companies (St. Elisabeth Golf Resort)
- S.Z. Eliades Leisure Ltd (Elea Estate)
- Zavos Group (Pavilion Business Centre)
- Cypeir Ltd (Del Mar)