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