npl-reo Market News: Spanish Real Estate Intelligence

BCP in Talks to Sell Project Pumas to AnaCap Financial Partners
17 September 2019 Portugal’s banks are continuing to reduce their exposure to non-performing loans. In this case, BCP is currently negotiating the sale of Project Pumas, a portfolio of foreclosed properties with a gross value of 210 million euros. According to Debtwire, BCP is in the final stages of talks with the British fund AnaCap Financial Partners, the same fund that acquired the CGD's Project Pacific portfolio last year. The sale will follow on the heels of several others this year as BCP sold portfolios worth 217 million euros in the first six months of the year. The financial institution managed to reduce its non-performing exposure (NPE) by a total of € 1.7 billion between June 2018 and June 2019. Original Story: Jornal de Negócios - Rita Atalaia Adaptation/Translation: Richard D. K. Turner  
Novo Banco Confirms Sale of Nata 2 to Davidson Kempner
10 September 2019 Novo Banco confirmed the sale of Project Nata 2, a €2.7-billion portfolio of NPLs to Davidson Kempner for €191 million. The deal will result in a €106-million loss for the bank, while reducing its NPL ratio to 15%, compared to 20.7% in June. Project Nata 2, which includes large loans to Ongoing, Joaquim Oliveira and Moniz da Maia, had an initial face value of €2.732 billion and a book value of €1.713 billion. Novo Banco sold the portfolio to Burlington Loan Management, a subsidiary of Davidson Kempner. The deal includes an 89% discount on the gross book value and a 35% discount on its net value due to already high levels of impairment. Original Story: Economia Online - Alberto Teixeira Adaptation/Translation: Richard D. K. Turner
Novo Banco Exposure to NPLs Increases by €750 Million Even As Impairments Fall
5 September 2019- Novo Banco’s exposure to troubled loans held by large debtors increased by 753 million euros over the last six months, according to the Bank of Portugal. As at 31 December 2018, Novo Banco had an exposure of more than 5.2 billion euros, compared to 4.4 billion euros in June of that same year. The data for 30 June 2018 showed that Novo Banco had 33 major debtors with debts in excess of 43.3 million euros. That figure rose to 36 debtors by December, with losses rising to €4.151 billion from €3.542 billion six months earlier. Even so, the bank managed to reduce its impairments by €240 million while recovering an additional €271 million in loans, partially offsetting the increased losses. Novo Banco is required to report the data to comply with Portugal’s Big Debtors Act, which states that large debtors that go into default must be reported by any bank receiving state aid. Novo Banco received a new capital injection of €1149 billion from the Resolution Fund in May. Original Story: Jornal de Negócios - Rita Atalaia Photo: António Cotrim/Lusa Adaptation/Translation: Richard D. K. Turner