Bank of Cyprus to set up real estate fundChristos Paraskevas
The Bank of Cyprus announced the establishment of a real estate fund which will be the first of its kind in Cyprus.
The fund will be regulated by CySEC and will be listed on the Cyprus Stock Exchange. The 190 Million Euros fund will be classified as an Alternative Investment Fund and will seek to obtain a diversified portfolio of high quality income yielding commercial real estate property. The properties offer a gross average rental yield of over 6% per year.
The fund will be distributing cash dividends of at least 80% of all net proceeds on a yearly basis. The Bank of Cyprus will sell upon receiving license from CySEC all or part of its shares to local and foreign investors.