At least two binding offers were submitted to Piraeus Bank for the project Terra portfolio that consists of recovered and owner-occupied properties. The binding offers were submitted by the Bain-Brook Lane Capital consortium and by Orion Capital.
Lone Star, Dromeus and Davidson Kempner on the other hand left the bidding process. Resolute, which had also passed to the second phase of the competition, focused on project Valley for sale, while it remained Orion’s consultant for project Terra. It is unknown what PIMCO did.
Piraeus had redefined, months ago, the perimeter of the portfolio (properties worth €815 m to €820 m), but it is not certain that the two offers are directly comparable with respect to the perimeter. This is likely to lead to the submission of improved offers on a delimited perimeter, which will be rather smaller.
On March 26, Piraeus took over the management of 1604 recovered properties, which are included in the Terra project. These are expected to form the hard core of any perimeter finalized for Terra along with some of the proprietary properties.
Original Source: Euro2day.gr
Adaptation/Summary: Kiki Athanasiadis