5 August 2019
Novo Banco announced that it has agreed to sell two portfolios of assets, including a portfolio of non-performing loans and another of unproductive real estate assets. Together, the two have a book value of around 800 million euros.
As previously reported, the real estate portfolio is set to go to Cerberus Capital Management. The portfolio of real estate assets, called Project Sertorius, has a gross book value of €487.8 million, and consists of 1,228 individual properties, including industrial, commercial, land and residential assets, along with parking lots.
Novo Banco also agreed to sell a portfolio of non-performing loans, called Project Albatroz, to the New York-based Waterfall Asset Management LLC. The assets in this case have a gross book value of €308 million.
The two separate transactions are expected to be completed by the end of the year. The bank declined to reveal the net sale value for either.
Original Story: Idealista
Adaptation/Translation: Richard D. K. Turner