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All Market News: Spanish Real Estate Intelligence

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
Beachfront Land Estate in Sitia, Crete going to auction on October 30th
The property of 250,000 sqm is located on the beach of Agia Fotia and includes semi-completed buildings, built according to the respective building permits. The land estate is classified as an even and buildable area that allows a development to each one of the individual land parcels. The land estate is owned by two companies and is going to auction at the Price of €7.5 m. The asset management potential has high possible returns on investment and a double-digit Hurdle Rate. The Gross building area in on the land is 16,000 sqm. The property can turn into a large-scale resort development with the prospective room capacity exceeding the 400 rooms, but it can also become and be sold as houses. Sitia is a fast-growing hospitality market with large scale investments in the pipeline, mainly of high luxury, and many facilities (yacht marina, golf course). The property is close to the Vitsentzos Kornaros International Airport and to the city of Sitia. See more property info HERE. Auction links HERE, HERE and HERE.
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