Bank of Cyprus real estate management unit developments

In October 2015, a dedicated management team was established to assist the Bank of Cyprus in handling a massive real estate portfolio, with the team officially relocating to the bank in January 2016. The unit, led by an external expert seconded for three years, managed assets worth approximately €1.6 billion, including significant properties such as the former Orphanides supermarket chain, the old Laiki Bank building on Makariou Street, and former Greenlays headquarters. They successfully executed sales of individual properties and portfolios exceeding €1 billion, while also spearheading the creation of the CyREIT investment fund listed on the Cyprus Stock Exchange.

The initiative was sparked by then-CEO John Hourican, who sought to leverage the bank's non-core assets to stimulate the Cypriot economy rather than simply reducing the bank's balance sheet. A key strategic focus included evaluating internal operational costs, such as the €2–€2.5 million spent annually on rental office spaces across Nicosia. This comprehensive approach allowed the bank to transition from mere asset liquidation to a proactive management strategy, integrating real estate optimization into broader economic recovery efforts.