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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: cnn.gr

Adaptation/Summary: Kiki Athanasiadis