Cyprus news site KNEWS is reporting that leading online broker Exness has acquired €75 million (USD $86 million) worth of property from the Bank of Cyprus in Paphos.

According to KNEWS, the deal involves approximately 200,000 square meters of land, previously owned by the Bank of Cyprus’ Real Estate Management Unit (REMU). The bank acquired the land through a debt-to-asset swap with the Leptos Group, tied to the now-stalled Neapolis Smart EcoCity development project.

Exness, headquartered in Limassol and one of the largest employers in the city, has been dealing with real estate issues in Limassol for a number of years. Limassol real estate, both commercial and residential, has become increasingly expensive and in short supply – especially on the commercial end. Exness’ continued growth has led it to seek more office space, as well as deal with limited housing for its ever-growing employee base – who can be seen around the city in ever-present Exness branded Mini Countryman cars.

With Paphos being about a 40 minute drive west of Limassol, the new land could be used either for a new Exness campus, or for housing for employees, or both. Exness has a large number of workers who commute daily from the capital Nicosia, which is a longer (and more congested) drive to Limassol than is Paphos.