BoC’s REMU disposes of portfolio’s biggest asset – Columbia Group acquires Secret Valley Golf Resort for €130m

One of the largest real estate deals in the Cypriot market, signed by the Real Estate Management Unit of Bank of Cyprus (REMU), was concluded on 30 June, with REMU finalising an agreement for the disposal of the biggest asset in its portfolio.

The massive Secret Valley Golf Resort, with a total area of 5.5 million sq.m. (formerly Venus Rock Golf Resort) in Paphos, was sold to Schoeller Holdings of the Columbia Group.

The value of the deal, which is possibly the largest in the history of Cyprus’ real estate market, exceeds €130 million.

This asset, which constituted the largest property under REMU's management, came into its ownership in 2016 through a debt-to-asset swap agreement with Aristo Developers, as part of a debt settlement deal close to €200 million.

It is worth recalling that Venus Rock Golf Resort was the largest and perhaps most valuable property asset of Aristo Developers.

Secret Valley, now acquired by the Columbia Group, spans approximately 5.5 million square meters of verdant land, including 850 meters of coastal frontage, in a strategic location between Limassol and Paphos, adjacent to the renowned Aphrodite Hills.

Schoeller Holdings Ltd is a privately-owned investment company which operates an array of marine-related activities such as ship owning, ship management and liner services as well as non-marine activities, hotels and jet services.

Founded in 1978, Schoeller Holdings and its subsidiaries has since grown into a large and dynamic organisation with more than 14,000 employees worldwide. Schoeller Holdings Ltd enjoys a prestigious reputation in business circles, within financial institutions and is the continuous visionary force behind the group.

A mega investment in the making by a visionary

While the golf course and the clubhouse are currently the dominant features of this vast property, according to information obtained by InBusinessNews, the new owner has grand plans, aiming to create a mega-investment that Cyprus will be proud of in the future.

Heinrich Schoeller, Chairman of Columbia Group, has deep ties to Cyprus, where he has lived and operated for nearly 50 years.

Columbia Shipmanagement was founded in Cyprus in 1978 and, based on the island, has since expanded into Greece, Germany, Italy, Singapore, the Philippines, China, Japan, South Korea, Norway, Monaco, and the United Arab Emirates.

Over the years, the company has evolved into a global organisation with more than 25 management and representative offices, crewing agencies, and training centres worldwide.

Under the umbrella of the group also falls the luxury Columbia Beach Resort on Pissouri Bay, as well as Columbia Restaurants, one of the largest companies in the hospitality and entertainment sector, with at least 15 brands in its portfolio, including Columbia Beach, Columbia Sun, Henry’s, Columbia Pier, Columbia Plaza, Columbia Bistro, Columbia Steak House, and Columbia Confectionery.

According to InBusinessNews sources, Heinrich Schoeller, who appears to be deeply impressed by the beauty, scale, and location of Secret Valley, envisions a major investment that will become a landmark for both Paphos and Cyprus, offering a wide range of facilities and infrastructure.

Essentially, it will be a destination to be—between Limassol and Paphos—not only attracting affluent visitors but also welcoming the wider public with complete lifestyle experiences.

REMU surpasses its targets

With the completion of this agreement, following months of negotiations, the Bank of Cyprus Real Estate Management Unit achieved a dual objective: on one hand, the sale of its largest asset, and on the other, surpassing the goals it had set for 2025 already within the first half of the year.

With this deal, which exceeded €130 million, REMU disposed of its most significant asset, and the year’s performance so far has generated substantial satisfaction.

According to the data on REMU’s property portfolio at the end of March 2025, as reflected in Bank of Cyprus’ quarterly results, land plots comprised the largest portion by value, amounting to €336 million, followed by golf-related properties at €149 million.

Based on the results announced by Bank of Cyprus for the first quarter of 2025, REMU’s property portfolio stood at €660 million as of 1 January 2025, and by the end of March, it had decreased to €634 million. The target is to reduce the stock below €0.5 billion by the end of 2025.

With the sale of Secret Valley to Schoeller Holdings, and the recent sale of properties in Paphos owned by Leptos Group to Exness—under the name “Neapolis Smart EcoCity”—in a deal exceeding €70 million, REMU has already surpassed its target to reduce the value of its managed portfolio below €500 million before year’s end.

Considering that in January 2019, the Unit had assumed a portfolio of nearly €1.5 billion, its shrinkage to below €0.5 billion is indicative of the achievements made in just a few years.