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Novo Banco Begins Sale of Real Estate Portfolio Valued at More Than 700 Million Euros
12 September 2018
The financial institution helmed by António Ramalho intends to sell off the “Project Viriato,” a portfolio of around nine thousand properties.
Novo Banco has begun the process of selling a portfolio of more than 700 million euros of real estate assets, the news agency Debtwire reported on Tuesday. Two sources close to the operation told the agency of the sale, and additional reporting came out this Wednesday in the Jornal de Negócios.
The financial institution, which is led by António Ramalho, intends to sell the “Project Viriato,” a real estate portfolio that includes some nine thousand properties – most of which are located in Lisbon and Porto. About half of the properties are residential, a fourth commercial real estate and the remaining 25% consists of land.
According to DebtWire, Novo Banco invited Anchorage Capital Partners, Bain Capital Credit and Arrow Global Group, where former Finance Minister Maria Luís Albuquerque is a non-executive administrator, to tender bids for the portfolio. Binding offers must be submitted by the beginning of October.
In the last biannual presentation of Novo Banco’s results, the bank announced that its non-strategic properties area valued at 2.361 billion euros, net. That is, the assets included in the sale of the portfolio correspond to roughly 30% of the total real estate that Novo Banco intends to sell.
Original Story: Jornal Expresso
Photo: Tiago Miranda
Translation: Richard Turner