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npl-reo Market News: Spanish Real Estate Intelligence

Non-binding bids were submitted for Alpha Bank's Cepal-Galaxy project
Reportedly, at least five investors have entered last week the bidding process for Alpha Bank's Galaxy Project, including PIMCO and Bain. Alpha Bank management is optimistic for the outcome of the tender. The project consists of 100% of the new Cepal (servicer) and 95% of the intermediate and low rating titles of Galaxy. There is also information about another major player in the secondary market, who signed a confidentiality agreement and entered the process at the last minute. Alpha Bank executives say they are satisfied with the number and quality of bids, noting that if competition remains at this level and when bids are submitted, the new Cepal will be transformed into a strong investment scheme, creating growth and security conditions for its staff. The sale of up to 100% of Cepal and 95% of the titles of the intermediate and low-grade Galaxy title is the first large-scale modular transaction to come out after the pandemic in Europe. Cepal, which has been servicing the NPLs of Alpha Bank, comes with NPL claims of €27 bn. The fact that the buyer can get 100% of Cepal is an advantage as the buyer can create the strongest independent servicer in terms of portfolio and prospects in the domestic market. In the cases of Intrum Hellas and doValue Greece, Piraeus and Eurobank, respectively, maintained 20%, with the right to sell in a few years. Original Source: Euro2day Adaptation/Summary: Kiki Athanasiadis
 
DoValue to service NBG's Icon portfolio, bought by Bain
DoValue and Bain Capital have signed a deal for the servicing of Icon portfolio (NBG). More specifically, doValue announced the signing of a memorandum of understanding with Bain Capital Credit, for the exclusive management of a non-performing loan portfolio of total receivables of almost €2.6 bn. The portfolio was bought from the National Bank of Greece and consists mainly of secured loans of large, medium and small businesses, from more than 1,500 debtors all over Greece. The agreement includes a wide range of actions to prepare for portfolio integration and management, to be carried out by doValue Greece (formerly Eurobank FPS), with a view to initiating active servicing within six months. DoValue strengthens its leading position in the domestic market of independent servicers and strengthens its relationship with Bain Capital Credit, which is already a customer of the doValue Group in Spain and Italy. Original Source: Capital.gr Adaptation/Summary: Kiki Athanasiadis
 
Alpha Bank announced deal to sell NPL portfolio worth €1.1 bn
Alpha Bank announced that it has entered into a binding agreement with Poseidon Financial Investor DAC, an entity financed by funds managed by affiliates of Fortress Investment Group LLC, for the disposal of a pool of Non-Performing Loans to Greek SMEs mainly secured by real estate assets (the "Neptune Portfolio"), of a total on-balance sheet gross book value of  €1.1 bn. The aggregate consideration for the Neptune Portfolio amounts to 24% approximately of the total on-balance sheet gross book value and can be increased up to 30% of the total on-balance sheet gross book value through a contingent consideration (earnout). CEPAL will take over the servicing of the Neptune Portfolio. The transaction is expected to be completed within the third quarter of 2020. PwC acts as the Bank's sole financial advisor for the sale process, while White & Case LLP acts as international legal advisor and the Karatza and Associates Law Firm  as the Bank's legal advisor for Greek law. Regarding the conclusion of the agreement, Alpha Bank management says that it managed to close a very successful agreement for the Neptune portfolio, showing flexibility during the escalation of the coronavirus crisis and utilising its deep experience in complex transactions. Original Source: Liberal.gr Adaptation/Summary: Kiki Athanasiadis