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npl-reo Market News: Greek Real Estate Intelligence

Piraeus Bank to put up for sale Baywest NPLs
Piraeus Bank is plans to put up for sale a portfolio of bad loans of the well-known shipowner Logothetis, worth over €400 m, in January. Loans are grouped together with other NPLs in order to be more attractive to the Funds. The company that owes the loans is called Baywest. The interest of the funds is expected to be lively as the hidden added value of the loans is expected to be very large. Original Source: Newmoney.gr Adaptation/Summary: Kiki Athanasiadis
Piraeus Bank sold mortgage NPLs to Intrum
Piraeus Bank and Intrum signed a binding agreement for the sale of thirty percent (30%) of the Phoenix portfolio. More specifically, Intrum bought the mezzanine notes of the securitization with a gross book value of €1.92 bn. The Phoenix portfolio consists mainly of non-performing mortgages. Piraeus Bank has already submitted an application to include the high repayment priority bonds of Phoenix securitization in the “Hercules” securitisation program. The valuation of the portfolio based on the nominal value of the high maturity bonds and the sale price of the intermediate maturity bonds corresponds to 50% of the total gross book value of the portfolio. As result of the transaction, the non-performing exposures ratio of Piraeus Bank will decrease to 44% fr om 47%, while the coverage ratio of non-performing exposures from provisions will increase to 46% from 45%. In addition, subject to the required corporate and regulatory approvals, the Bank is considering distributing to its shareholders sixty-five percent (65%) of the interim priority bonds of the Phoenix securitization at a percentage of 5% in accordance with the securitization supervisory requirements. Following the imminent completion of the Bank’s corporate transformation (hive-down), the newly licensed credit institution will retain one hundred percent (100%) of high priority bonds and five percent (5%) of intermediate priority bonds. Original Source: Capital.gr Adaptation/Summary: Kiki Athanasiadis
Piraeus Bank in deal with Intrum to sell NPE portfolio
Piraeus Bank agreed with Intrum the sale of a bad loan portfolio (loans of individuals, small businesses and leasing). Piraeus Bank said it reached the deal with Intrum as part of a consortium formed with the European Bank of Reconstruction and Development (EBRD). The portfolio consists of approximately 53 thousand loans with a total credit requirement of €1.7 bn and €0.7 bn gross book value. The transaction price corresponds to about 6% of the gross book value. As mentioned in a statement by Piraeus bank, the transaction is part of its actions to reduce the stock of NPEs. Greek banks have revived plans to reduce a mountain of non-performing loans (NPLs) - the legacy of a 10-year financial crisis that shrank the country's economy by a quarter - after the disruption caused by the coronavirus pandemic. The transaction is subject to the usual terms and approvals by the Greek authorities, including the consent of the HFSF. Original Source: Capital.gr Adaptation/Summary: Kiki Athanasiadis