33
40
43
24
88
111
108
88
69
100

npl-reo Market News: Spanish Real Estate Intelligence

Banks Continue Sale and Write-Offs of Non-Performing Loans
9 August 2019 The booming real estate market in Portugal is helping the country’s banks reduce their exposure to non-performing real estate assets. Just in the first semester of 2019, Portuguese financial institutions eliminated nearly €2.7 billion in bad debts. That figure includes asset sales, recoveries and write-offs, as reported in the banks’ results for the first half of the year. At the end of June, five of the largest banks in Portugal had €17.5 billion in non-performing loans, €2.38 billion euros less than at the end of 2018. As a percentage of their total loan portfolios, the banks, which include CGD, BCP, BPI, Montepio and Santander, lowered the exposure to between 4-7.3%. Novo Banco, however, still has an NPL ratio of 21%. Original Story: Idealista Adaptation/Translation: Richard D. K. Turner  
 
Novo Banco Sells Two Portfolios of Real Estate Assets at a Discount of 67.6%
9 August 2019 On August 5, Novo Banco announced that it had come to an agreement to sell  a portfolio of real estate assets, called Project Sertorius, which has a gross book value of 487.8 million euros, to Cerberus Capital Management. The bank has now announced that it sold the portfolio for 159 million euros, a discount of 67.4%. At the same time, Novo Banco agreed to a second sale, that of Project Albatroz, which has a gross book value of 308 million euros, this time to Waterfall Asset Management. This time the bank will receive 98.7 million euros for the portfolio, implying a discount of 67.9%. Original Story: Jornal de Negócios - Nuno Carregueiro Adaptation/Translation: Richard D. K. Turner
 
Novo Banco to Sell Two Portfolios of Non-Productive Real Estate Assets Worth €800 Million
5 August 2019 Novo Banco announced that it has agreed to sell two portfolios of assets, including a portfolio of non-performing loans and another of unproductive real estate assets. Together, the two have a book value of around 800 million euros. As previously reported, the real estate portfolio is set to go to Cerberus Capital Management. The portfolio of real estate assets, called Project Sertorius, has a gross book value of €487.8 million, and consists of 1,228 individual properties, including industrial, commercial, land and residential assets, along with parking lots. Novo Banco also agreed to sell a portfolio of non-performing loans, called Project Albatroz, to the New York-based Waterfall Asset Management LLC. The assets in this case have a gross book value of €308 million. The two separate transactions are expected to be completed by the end of the year. The bank declined to reveal the net sale value  for either. Original Story: Idealista Adaptation/Translation: Richard D. K. Turner