In the second quarter of 2021, real estate with a total value of EUR 95.3 million was transferred to the portfolio of the asset management company KEDIPES.
Compared with 102.2 million euros in the first quarter of 2021, the decrease was 6.8%. However, comparied the same period in 2020, when only 53 million euros were received on the balance sheet of KEDIPES, there was a significant increase of 79.8%.
The cumulative cash inflow since the inception of KEDIPES (January 9, 2018 - June 31, 2021) amounted to 1.018 billion euros.
Loan and real estate management proceeds amounted to €974.5 million, or 12.1% of the nominal value of the original loan and the real estate portfolio of €8,051 million.
Operating and asset management costs in the second quarter of 2021 were €28 million, an increase of 7.69% from €26 million in the first quarter of 2021. The increase is due to the costs of asset management and is mainly due to the increase in the number of restructuring decisions.
Loans at par amounted to €6,581 million at the end of the second quarter of 2021, compared to €6,634 million in the first quarter of 2021. The total debt burden since the start of operations, from September 1, 2018 to the second quarter of 2021, amounted to 10.7%. Excluding interest capitalization, overall leverage since the start of operations has stalled at 25.4%.
Substantial interest from buyers has largely contributed to Altamira's campaign to promote medium liquidity properties.
Thus, the total revenue from the sale of real estate through Altamira until June 31, 2021, inclusive, amounted to 172 million euros against 161 million euros in the first quarter of the 202nd and against 96 million euros in the corresponding quarter of last year.
Cumulative cash inflows from the start of Altamira's operations to the second quarter of 2021 amounted to €2,427 million, or 32.9% of the original loan balance of €7,371 million.
Altamira's assets at the end of the second quarter of 2021 amounted to €7,411 million: €167 million fell on cash, €619 on real estate, €607 on serviced loans.
The total debt burden since the start of operations through the second quarter of 2021 was 10.2%. Excluding interest capitalization, overall leverage since the start of operations has stalled at 23.3%.
At the same time, according to the decision of the Board of Directors of KEDIPES, real estate worth €50 million was excluded from the shares put up for sale and transferred to the state in repayment of state aid. By the way, since the beginning of KEDIPES operation, this figure has already exceeded 510 million euros. Further payment of state aid for 2021 is directly related to the possible transformation of KEDIPES into a national asset management company. KEDIPES is ready to contribute in this direction until appropriate decisions are made.
As you may know, KEDIPES is a subdivision in the structure of the former Cooperative Bank, created to manage risky assets after the takeover by Hellenic bank in 2018.
You can find profitable options for buying real estate in Cyprus on the DOM Real Estate portal. The website also has a large number of rental properties - from residential to commercial real estate. Choose and contact professionals who will help you make the right choice!