More than 400 properties, corresponding to 464 registry numbers, will officially transfer from KEDIPES to the state, closing a long-standing unresolved issue. According to Brief’s sources, the Cabinet will soon approve the acquisition of these former Cooperative Cyprus Bank properties, with plans to allocate them to local authorities or government services.

Following the dissolution of the former Cooperative Cyprus Bank, approximately 2,815 properties were transferred to KEDIPES. Of these, about two-thirds consist of land plots and fields, while the remaining third includes offices, shops, apartments, and warehouses. These assets were initially acquired to settle part of the Cooperative’s debts.

Out of these 2,815 properties, around 400, mostly offices and commercial spaces, will be allocated for public use. Specifically, local authorities and state services will utilize these properties to meet operational needs. Brief has learned that these 400 properties were selected based on requests from municipalities and communities for the former cooperative bank properties within their jurisdictions.

Based on KEDIPES’s latest update, 169 properties are already in use by local authorities through Usage Agreements, including:

• 142 properties by Community Councils

• 21 properties by Municipalities

• 6 properties by state services

According to Brief’s information, the property transfer will proceed in two phases. Initially, the government will acquire 401 of the 464 registry numbers, valued at €84 million, resulting in a €72 million reduction in KEDIPES’s state debt. In the second phase, 25 additional properties valued at €41.8 million will be transferred following necessary inspections, as 20 of these properties are intended to house government services.

If any properties fail inspection or cannot be utilized, the state reserves the right to return them to KEDIPES.

Following the final agreement and transfer to local authorities, the Local Government bodies will assume responsibility for securing all necessary permits and approvals for the operational use of these properties.

As gathered by Brief, KEDIPES currently utilizes 11 of these properties across various districts for its purposes. Additionally, 12 former Cooperative Bank properties have been sold to Hellenic Bank, which also rents another six properties for use.