npl-reo Market News: Spanish Real Estate Intelligence

Portugal’s Banks Still Have 24,000 Properties for Sale
12 June 2019Richard D. K. Turner Portugal’s banks still have almost 24,000 properties, mostly homes, worth more than 4.3 billion euros, for sale. That number has been falling as financial institutions have been selling off large real estate portfolios, taking advantage of the boom. Banks like Novo Banco, Banco Montepio and Millennium bcp, however, still have over 5,000 properties each on their balance sheets. These figures mean that non-performing loans account for 9.4% of the Portuguese banking industry’s total loan portfolio, while the average for the EU is just 5%. The Bank of Portugal also recently warned that the real estate boom that has powered sales is showing increasing signs of strain. At the same time, Portugal’s banks are further reducing spreads on mortgage loans, in a fight to maintain market share, while expected housing sales times are beginning to widen. Original Story: JN - Elisabete Tavares  
BCP Sells Loans Worth €119MM Along With 1,054 Properties
15 May 2019Richard D. K. Turner According to an article in the Jornal Econômico, the Portuguese commercial bank BCP sold 119 million euros in loans, almost 70% of which are classed as non-performing, including loans and guarantees in the first quarter of 2019. The bank’s non-performing exposure (NPE) fell by €360 million in the quarter, stemming from portfolio sales, net outflows and write-downs worth 77 million euros. The bank also announced that it had sold 1,000 properties for a total of 149 million euros. After impairments, the properties rwere valued at 124 million euros on the bank’s balance sheet, giving BCP revenues of €25 million. Original Story: Jornal Econômico - Maria Teixeira Alves and António Vasconcelos Moreira
Novo Banco Posts Losses of €270MM on Asset Sales
23 April  2019Richard D. K. Turner Novo Banco lost 270 million euros on sales of bad loans and portfolios of real estate in 2018, as the bank’s efforts to clean up its balance sheet led to losses. Those losses stemmed from two operations, Nata (bad loans) and Viriato (real estate), which generated losses of 110.1 million and 159 million euros, respectively, for a total of 269.1 million euros, according to reporting by the Idealista and the Jornal de Negócios. Nata comprised two distinct parts, one worth €550 million and another €1.2 billion euros. The Viriato project consisted of the sale of 9,000 properties to the U.S.-based fund Anchorage Capital. Original Story: Idealista