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npl-reo Market News: Greek Real Estate Intelligence

Bain acquired NBG's Cypriot loans
The National Bank of Greece has completed the sale of 100% of its credit acquisition subsidiary in Cyprus, CAC Coral Ltd, which owns and manages a portfolio of non-performing corporate loans, loans to small and medium enterprises, as well as consumer and mortgage loans of total book value €325 m (approx. €200 m real estate insurable value), to the investment company Bain Capital Credit. The portfolio in its majority includes loans with a maturity of more than 10 years. The transaction has a neutral impact on the Bank's capital base. Alantra Corporate Portfolio Advisors International Ltd acted as financial advisor to NBG in the transaction, while law firms Milbank LLP and Chryssafinis & Polyviou LLC acted as assistant legal advisors and Deloitte Greece as sales and accounting advisor. Original Source: Adaptation/Summary: Kiki Athanasiadis
NBG launches RE portfolio for sale
NBG launches a portfolio of properties worth approximately €100 m for sale in the context of the utilization of the group's real estate, which numbers over 4,000 properties. Deloitte has been appointed as a consultant and the goal is for the process to open in the third quarter of the year and be completed at the beginning of next year. The portfolio consists of residential and commercial real estate, and based on what is stated in the annual financial report, it includes the majority of 360 properties in the historical portfolio of the bank worth about €110 m, which have been included in the REO portfolio for divestment. In 2021, the group's total sales amounted to 393 properties worth approximately €124 m, of which properties worth approximately €52 m were sold through the bank's portal through online tenders or through the "buy now" process. Original Source: Adaptation/Summary: Kiki Athanasiadis
Mega NPL sale completed in Cyprus
The completion of Project Sky, the largest sale of an NPE portfolio ever by a Greek bank, and the second largest transaction in Cyprus, was announced by the Alpha Bank Group. According to the announcement, “Alpha Bank has reached an agreement with an affiliate of Cerberus for the sale of a portfolio of Cypriot NPLs and real estate properties with a total gross book value of c. €2.4 bn”. Alpha Bank implemented Project Sky in just 6 months, ensuring high investment interest and price that exceeded the initial estimates of the bank and independent appraisers and, in fact, despite the complexity of that portfolio. Specifically, Project Sky's portfolio consists of complex real estate projects with exposure, both to retail and wholesale borrowers, to all types of wholesale exposures, SMEs, retail banking and recovered properties amounting to €200 m. Original Source: Adaptation/Summary: Kiki Athanasiadis