Real Estate Management Unit of Bank of Cyprus
REMU (Real Estate Management Unit) has been set up by Bank of Cyprus with a mandate to manage the bank’s non-core properties. The Bank’s strategic objective is to improve its balance sheet by reducing the debt burden, creating a more sustainable bank for the benefit of its customers, employees and shareholders, and also assisting the Cypriot economy to recover.
The unit has appointed Resolute Asset Management as its partner in assisting in the process of setting up and running the unit.
REMU is headed by the Director of REMU and Overseas Deleveraging and is organised into four departments:
- On-boarding (integrating REMU into BOC & familiarizing prospective clients with REMU's services)
- Property Management
- Asset Management
- Monetisation (converting the non-core properties into revenue)
REMU’s predominant focus is on reviving the investment activity in Cyprus. In that respect, REMU aims to play a key role in attracting overseas investors, both retail and institutional, in order to drive growth in the local real estate market.