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npl-reo Market News: Greek Real Estate Intelligence

NBG sold NPL portfolio of 1.6 bn to Bain Capital
doValue will service the portfolio. The National Bank of Greece announced the completion of a transaction for the disposal of a non-performing, secured, corporate loan portfolio to Bain Capital for a total principal amount of 1.6 bn. The portfolio comprises mainly secured small business loans from more than 1,500 debtors. Morgan Stanley & Co. International plc acted as a financial advisor, Karatzas & Partners, and Milbank LLP as local and international external legal counsel respectively, and Deloitte Greece as transaction and accounting advisor to NBG. Meanwhile, as announced, doValue Greece will exclusively service the portfolio. Original Source: Capital.gr Adaptation/Summary: Kiki Athanasiadis  
 
EBRD and Intrum purchased Piraeus Bank's Iris NPE portfolio
EBRD and Intrum Hellas purchased an unsecured NPE portfolio originated by Piraeus Bank. The portfolio consists of approximately 53,000 loans with total legal claims of about €1.7 bn and a gross book value of €0.7 bn. The portfolio was acquired through a special purpose company, Iris Hellas Investments Designated Activity Company, while the servicing of the portfolio was assigned to Intrum Hellas. As of September 2020, NPEs in Greece stood at €63.5 bn, representing 35.3 per cent of total exposures. Original Source: Capital.gr Adaptation/Summary: Kiki Athanasiadis
 
NBG launches project Frontier
The Bank launched the tender process for the selection of a preferred investor. The investor will buy 95% of the intermediate and low-grade bonds of the Frontier securitization. Frontier is a portfolio of 201 thousand NPLs of 87 thousand borrowers and an outstanding capital of €7 bn, of which €6.1 bn are in the balance sheet. The non-binding offers are expected to be submitted around February 10th, and, the VDR will open around end of February to early March, for the investors that pass to the second phase. The binding bids are scheduled to be ubmitted at the beginning of the second quarter. The SPA is also expected to be signed during the second quarter. Original Source: ered.gr Adaptation/Summary: Kiki Athanasiadis