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npl-reo Market News: Greek Real Estate Intelligence

Government closes the discussion about amendment for auctions by servicers
Finance Minister Christos Staikouras closed the debate on an amendment that would facilitate the holding of auctions by bad loan funds, speaking to a committee of the Parliament. The Minister of Finance, referring to reports that stated that an issue has arisen with the Supreme Court of Justice and that allegedly "The government is withdrawing the amendment on auctions", clarified that in order for the government to withdraw an amendment, it must have been submitted, but such an amendment was never submitted. In the past few days, reports have spoken of the government backing away from the hot economic and political issue of the amendment which would have fixed the loophole in the legislation and would have made it legal for Servicers to proceed with foreclosures and auctions. As the reports indicated, the government is sending the matter to the Supreme Court, in order for the Plenary to decide. This decision, they said, is attributed to the political cost that the controversial amendment would cause, especially in view of the pre-election period. The contradictory decisions of the Supreme Court regarding whether or not the servicers can proceed to an auction was the subject of a discussion between the servicers and the Special Secretariat for Private Debt Management. Reportedly, given that the Plenary Session of the Supreme Court will be delayed for a few months to decide and then the pre-election period will officially begin, there will be a significant problem in the business plans already under pressure to achieve the goals and by extension to Hercules guarantees if the revenues are not achieved. They even add that in the best case scenario, the restart of auctions related to the arrangement will begin in the fall of 2023. The issue of legalizing or not the servicers to proceed to auctions arose after a decision of the Supreme Court, with the argument that the securitizations were based on the legislative framework of 2003 and not of 2015. However, there were later decisions that justified the servicers. Original Source: Euro2day.gr and Capital.gr Adaptation/Summary: Kiki Athanasiadis
 
Cyprus: AstroBank acquired QQuant
The Qualco Group and Astrobank have announced the acquisition of QQuant Master Servicer Cyprus by Astrobank. The two parties have agreed as AstroBank, which held 25.1% in QQuant, will also acquire the remaining 74.9% of the equity, previously held by the Qualco Group. Over the past two years, QQuant's collaboration with AstroBank has substantially contributed to the more efficient management of non-performing loans, with a significant reduction in the NPL ratio and sales of AstroBank properties. The Qualco Group intends to continue its activity in Cyprus, as well as its cooperation with AstroBank, through a contract to manage part of AstroBank's NPL portfolio. Qualco Group, with over 20 years of experience, is a leader in the provision of technology solutions and services covering the entire lifecycle of loan and credit receivables management. AstroBank is a dynamically developing Cypriot credit institution. With a network consisting of 15 branches and offices throughout Cyprus, AstroBank is professionally established in the local market. Original Source: Philenews.com Adaptation/Summary: Kiki Athanasiadis
 
Piraeus Bank and Resolute Hellas enter a Real Estate Management Servicing Agreement
The agreement concerns the provision of property management and valuation services, as well as the management of assets and owner-occupied and non-main properties of Piraeus Bank in Greece. Piraeus Bank will receive modern property management services and access to Resolute's extensive experience and expertise. Resolute Hellas will leverage the specialised know-how of the parent company, as well as its subsidiaries specialising in the real estate management sectors, including the market-leading technology provided by its subsidiary, Recognite, and the advanced real estate services of REInvest Greece. For Piraeus Bank, this transaction is part of its strategy for further cost savings and targeted utilisation of assets, resulting in cost savings of over €5 m per year. Resolute Hellas is a 100% subsidiary of the Resolute Group. Resolute intends to fully integrate PREM's activities and employees into its Greek operations, with the aim of further consolidating its leading position in the Greek real estate, asset management and advisory services market. The transaction continues Resolute's existing long-term relationship with the Piraeus Bank Group, including the management of the Group's non-core real estate portfolio in Bulgaria. UBS Europe SE acted as Piraeus Bank's financial advisor and Zeya Law Firm as legal advisor. KPMG acted as financial advisor to Resolute and KG Law Firm acted as legal advisor. Original Source: eRed.gr Adaptation/Summary: Kiki Athanasiadis