Novo Banco Sells Two Portfolios of Real Estate Assets at a Discount of 67.6%

9 August 2019

On August 5, Novo Banco announced that it had come to an agreement to sell  a portfolio of real estate assets, called Project Sertorius, which has a gross book value of 487.8 million euros, to Cerberus Capital Management. The bank has now announced that it sold the portfolio for 159 million euros, a discount of 67.4%.

At the same time, Novo Banco agreed to a second sale, that of Project Albatroz, which has a gross book value of 308 million euros, this time to Waterfall Asset Management. This time the bank will receive 98.7 million euros for the portfolio, implying a discount of 67.9%.

Original Story: Jornal de Negócios – Nuno Carregueiro

Adaptation/Translation: Richard D. K. Turner

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