Bank of Cyprus Sells €75 Million Land Plot to Exness in Paphos

The Bank of Cyprus has finalized a significant property transaction with fintech firm Exness, involving the sale of approximately 200,000 square meters of land in Paphos for €75 million. Sources have confirmed the deal, which represents the most expensive asset sold by the bank's Real Estate Management Unit (REMU) since its establishment in 2016.

The land, previously part of REMU's portfolio, was acquired by the bank through a debt-to-asset swap with the Leptos Group, linked to the now-stalled "Neapolis Smart EcoCity" project. This sale moves the Bank of Cyprus closer to its year-end objective of reducing its total recovered real estate holdings to around €500 million. Following the Exness deal in April 2025, that figure now stands at €575 million, a notable reduction from a previous high of €1.6 billion.

While Exness has not publicly announced its development plans for the land, insiders suggest the acquisition could be part of a long-term "backup plan," potentially for a future "Exness Campus" to accommodate staff if housing in Limassol becomes saturated, or for employee accommodation. The location in Paphos is considered a strategic move given rising land prices in Limassol, with the site being approximately a 40-minute drive from Exness' main offices.

The property includes five subdivided plots in Geroskipou, with agricultural zoning but relatively high building density allowances. According to the Bank of Cyprus' Q1 2025 financial report, REMU has cumulatively sold over €1.1 billion worth of property since 2019, significantly exceeding the €500 million in assets it acquired during the same period.