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npl-reo Market News: Spanish Real Estate Intelligence

Three offers were submitted for Pancreta Bank's NPEs
Qquant Master Servicer reportedly submitted the best offer for the management of all the non-performing mortgage exposures of Pancreta Bank, as well as the purchase of a “slice” of titles of intermediate rating of the Castor securitization. The three binding offers for the portfolio were submitted by doValue Greece, Q-quant Master Servicer and Cepal. Original Source: Euro2day.gr Adaptation/Summary: Kiki Athanasiadis
 
NBG announced NPL sale deal in Cyprus and Romania, to Bain Capital
NBG announced the agreement for the sale of an NPL portfolio in Cyprus with a book value of €325 m to Bain. Bain will purchase CAC Coral Ltd, a subsidiary of NBG where the bank has transferred all its NPLs in Cyprus of about €400 m. The bank is also close to signing a SPA deal with Bain for the sale of the bank’s NPL portfolio in Romania. Bain will buy a portfolio of Romanian bad loans with a debt capital of €200-300 m and a net book value of €29 m. The negotiations for the extended deal started last April. The first part of the transaction was the Icon portfolio. Alantra Corporate Portfolio Advisors International Ltd acted as the NBG's financial advisor in the transaction, while the law firms Milbank LLP and Chrysafinis & Polyviou LLC acted as legal advisors and Deloitte Greece as the sales and accounting consultant. With the signing of a binding agreement, NBG will complete all the pending sales of pre-pandemic portfolios, launching the Frontier securitization in November. The portfolio includes about 200 thousand NPLs by 90 thousand borrowers. The gross book value is over €6 bn, of which over € 5.5 m of these, are mortgages. Original Source: Euro2day.gr Adaptation/Summary: Kiki Athanasiadis
 
Kipriotis Group loans up for sale again
Piraeus Bank and Eurobank are preparing to launch a new tender for the sale of the Kipriotis group loans. The mandate will be given to Axia Ventures, which was a sales consultant also in the previous tender. The previous tender was unsuccessful went as it had to overcome many obstacles (bankruptcy of Thomas Cook, departure of interested investors and pandemic). HIG Capital, which reportedly made the best bid, withdrew its interest after the pandemic broke out. The banks decided to sell the loans after the hotel group failed to make a special loan management arrangement. Original Source: Euro2day.gr Adaptation/Summary: Kiki Athanasiadis