The Bank of Cyprus, the largest financial institution in the country, has signed a significant contract to sell a 20-hectare plot of land in the Geroskipou area of Paphos.
The buyer is the international fintech company Exness.
The €75 million deal is the largest in REMU's history. REMU is the bank's real estate management division.
The land was previously part of the Neapolis Smart EcoCity project, an ambitious "smart city of the future" developed by the Leptos Group. However, its implementation was suspended. As part of a debt restructuring agreement signed with Pandora Investments in 2019, the assets were transferred to the Bank of Cyprus. The site was officially transferred to the Bank of Cyprus in 2022, after Leptos repaid its long-term liabilities, including convertible bonds issued by its subsidiary Neapolis Developments, ahead of schedule.
The deal with Exness is strategically important for the Bank of Cyprus, which aims to reduce its portfolio of distressed real estate assets to €500 million by the end of 2025. The sale of the site has reduced the current figure to €575 million, demonstrating significant progress compared to the historical high of €1.6 billion. Analysts believe this deal is an important step in clearing the balance sheet of bad assets, many of which ended up in the Bank of Cyprus portfolio due to the non-performing loan crisis of the previous decade.
Although Exness has not officially disclosed its plans, industry sources speculate that the company may create an innovative campus or complex for its employees, which would relieve the infrastructure of Limassol, where Exness is based.
Given the rapid rise in land prices on the south coast, purchasing a plot in Paphos (just a 40-minute drive from Exness's headquarters) seems like a forward-thinking decision.
The acquired land consists of five adjacent plots in the Geroskipou area, just 750 meters from the Stelios Kyriakides Stadium and less than two kilometers from the Poseidonos tourist avenue. The land is located in a high-density area with a coverage ratio of 35% and a permitted building height of up to four stories, making it attractive for mixed residential and commercial projects.
According to a Bank of Cyprus report from the first quarter of 2025, REMU has sold assets worth over €1.1 billion since 2019 while acquiring only €500 million. In the first quarter of this year, sales amounted to €22 million, 37% of which came from land transactions. The sale of the Exness site strengthened REMU's momentum, allowing it to reduce its assets under management from €634 million to €575 million by April 2025.
Against a backdrop of limited supply and growing interest from foreign companies, especially in the IT and fintech sectors, investing in Cypriot land is becoming increasingly attractive. Experts say the Exness example could encourage similar deals among large corporations and private investors seeking to diversify amid geopolitical risks in the region.