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npl-reo Market News: Spanish Real Estate Intelligence

Intrum chooses QUALCO Collections & Recoveries software to improve operational effectiveness in 24 countries

According to the press release, Intrum deploys QUALCO Collections & Recoveries platform in 24 countries to standardize operations, achieve cost reduction and improve operational effectiveness.

Spyros Retzekas, Chief Operating Officer at QUALCO stated: ”After 15 months of hard preparatory work from both teams we are delighted to start working with Intrum in this important project. Intrum is a leading organisation that strives for constant innovation to strengthen its competitive advantage in the marketplace. By investing in QUALCO technology and services we are sure that Intrum will increase operational efficiency and achieve economies of scale across the Group.”

 
Eurobank to sell bad mortgage loans to Pimco

Eurobank agreed to sell a 2.0 bn euro mortgage NPLs to Pimco group as part of efforts to clean up its balance sheet.

Based on the deal, Celidoria, an entity owned by PIMCO, will buy 95% of the mezzanine and junior notes of the portfolio. The sale is valued at about 58% of the total gross book value of the portfolio, the bank said. Eurobank said it expects to close the transaction by July, subject to approval by the ECB.

Eurobank also agreed to start exclusive talks with Bravo Strategies III, a Celidoria affiliate, on another pool of securitized NPLs, and the sale of a majority stake of its servicer, FPS. Exclusive negotiations would start immediately and end on September 30.

 
NBG Pangaea buys portfolio of 121 RE assets in Cyprus

The agreement was completed with the Bank of Cyprus. Pangaea purchased the 100% of the management shares and 88.2% of the investment shares of CYREIT Variable Investment Company PLC.

The temporary consideration for the transaction was set at €137.9 m. euros, of which €3.2 m will be paid out gradually.

The consideration is expected to be finalized by an independent auditor, and any readjustment may be paid by July 31.

Regarding the purchase of two adjacent commercial real estate assets in Athens, one of which has a total surface of 6.9 thousand sqm and is located on Syngrou & Lagoumtzi Avenue and the second is a total area of ​​approximately 2 km2 and is located on the streets Eyridamantos and Lagoumtzi, the parties agreed to sign the final purchase agreement until 30 July 2019 at a price of € 10 million. The agreement will be signed by the Bank of Cyprus Panterra RE Company.

CYREIT owns, through its subsidiaries, 21 commercial properties including offices, retail, hotels, in Nicosia, Limassol, Larnaca and Paphos. It was set up by the Bank of Cyprus as a vehicle for the sale of properties acquired by the lender through arrangements for NPLs.