Aristo Developers Repays BoC Loans of €283M

15:59 - 04 Ιουλίου 2016

Aristo Developers Ltd has announced the completion of an agreement with the Bank of Cyprus for the full repayment of all the Group’s loans to the Bank, amounting to €283m.
Through a debt-for-assets swap arrangement, Aristo Developers transferred properties to the Bank, which, based on the valuations made by the Bank of Cyprus, amounted to at least €310m, significantly over-covering the debt. It is stressed that the properties offered from the Group’s vast land-bank, do not compromise the existing projects and the ongoing operations of Aristo Developers. Notably, a significant part of the large-scale “Venus Rock Golf Resort” project has been included in the exchange, the implementation potential of which is now increased and accelerated.
 
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