At least two binding bids were submitted to the National Bank of Greece for Project Symbol, a RE secured NPL Portfolio.
Fortress and Centerbridge–Elliott joint venture are reportedly bidding for Project Symbol. It is also said that Ellington Management Group has submitted an offer. The bids reach 20% to 25% of the outstanding capital (€0.95 billion), significantly lower than same type portfolios (Amoeba, Jupiter) reached last year.
Project Symbol consists of approximately 13.000 SME loans secured by 7.900 RE assets. According to the market experts, it is not an easy portfolio to service. It demands effort and expertise. Meanwhile, the big equity funds are mostly interested in the mega-deals coming up by Eurobank and Piraeus Bank.