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npl-reo Market News: Spanish Real Estate Intelligence

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
Alpha bank launched the NPE transfer to CEPAL
Alpha Bank has started the process of detaching its NPE activities and transferring them to CEPAL. This is an important stage before the completion of the Galaxy securitization to the preferred investor. The carve-out is expected to be completed within November. The bank’s employees transferred to CEPAL will receive a cash benefit of 10 gross monthly salaries of a minimum of €25,000 and favorable tax treatment resulting from the termination of their employment contract, ie zero tax up to 60 thousand euros. Alpha Bank recently acquired 100% of Cepal, by purchasing the share of Centerbridge (60%). The first step of the Galaxy securitization will be the sale of the new Cepal to the investor who will acquire 95% of the medium and low securitization securities. Alpha Bank announced that the transfer of Alpha Bank NPEs Management Activity to Cepal is a key stage of the large transaction. At the same time, it contributes to the further development of Cepal, and to its emergence as the most powerful NPE Servicer in Greece. The transfer of the Bank's staff to Cepal will be carried out in accordance with all the provisions of the current legislation and with full respect of the salary and insurance rights, as well as the other benefits they currently enjoy. Original Source: Capital.gr Adaptation/Summary: Kiki Athanasiadis
Three bidders for Pancreta Bank's NPEs
Pancreta Bank’s tender for the servicing of its business and home NPEs of €1.077 bn will soon be completed. Mount Street Mortgage Servicing is acting as a consultant in this tender. On September 11, Pancreta received three binding offers from doValue Greece, Qquant Master Servicer and Cepal and is called upon to decide which one will service the NPEs and buy the intermediate rating titles of the "Castor" securitization. The servicer who wins the bid will purchase up to 95% of the intermediate and low-grade securities of NPEs, with a gross book value of approximately €297 m (project Castor). Pancreta has transferred these securities to a SPV, before issuing three classes of securities: senior notes, amounting to approximately €145 m, mezzanine notes, amounting to approximately €58 m and junior notes of €94 m. The bank is going to keep all the first class bonds as well as 5% of the intermediate and low grade securities. The remaining 95% will be sold to the preferred investor. The portfolio includes mainly corporate loans of about 1,000 borrowers (mostly very small and small companies from Crete), which have mortgages on hotels, land and industrial buildings. About 50% of loans are terminated. The value of the collateral amounts to approximately €300 m and the total receivable of the bank to €351 m. The investors also bid to take over the servicing of all mortgage NPEs, which will remain in the book of Pancreta. These are loans with a total demand of €783 m of about 5,000 borrowers; most of them are self-employed and small businesses. The value of the collateral is estimated at around €600 m. Αbout 30% of the loans are terminated. This is the first portfolio of the domestic market that has collateral in one geographical area (Crete). It has, according to the teaser, a high percentage of first collateral (about 70% of loans), low dispersion (the 40 largest loans represent about 50% of the total demand), while the collateral of the 120 largest borrowers represents about 50% of the total value of the portfolio collateral. The loss from the sale of mezzanine and junior notes of the securitization is expected to be covered by the upfront fee, which will be given by the preferred investor to take over the serbicing of the mortgage NPEs. Original Source: Euro2day Adaptation/Summary: Kiki Athanasiadis