npl-reo Market News: Spanish Real Estate Intelligence

Bain and Cerberus Close to Acquiring Two Portfolios of NPLs from Novo Banco
15 July 2019 – Richard D. K. Turner Novo Banco is nearing the sale of two portfolios of non-performing loans in a deal worth approximately 3.5 billion euros, according to Bloomberg. Bain Capital is mulling an offer to acquire the larger of the two, worth €3 billion, including assets both with and without collateral. Cerberus Capital is in advanced negotiations to buy the second portfolio, valued at 500 million euros. The sale would constitute one of the largest such operations in Portugal. The bank initially offered the portfolio up for sale in April, requesting that any interested parties appear by July 12. Original Story: Jornal de Negócios / Lusa - Tiago Petinga
Portugal’s Banks Still Have 24,000 Properties for Sale
12 June 2019Richard D. K. Turner Portugal’s banks still have almost 24,000 properties, mostly homes, worth more than 4.3 billion euros, for sale. That number has been falling as financial institutions have been selling off large real estate portfolios, taking advantage of the boom. Banks like Novo Banco, Banco Montepio and Millennium bcp, however, still have over 5,000 properties each on their balance sheets. These figures mean that non-performing loans account for 9.4% of the Portuguese banking industry’s total loan portfolio, while the average for the EU is just 5%. The Bank of Portugal also recently warned that the real estate boom that has powered sales is showing increasing signs of strain. At the same time, Portugal’s banks are further reducing spreads on mortgage loans, in a fight to maintain market share, while expected housing sales times are beginning to widen. Original Story: JN - Elisabete Tavares  
BCP Sells Loans Worth €119MM Along With 1,054 Properties
15 May 2019Richard D. K. Turner According to an article in the Jornal Econômico, the Portuguese commercial bank BCP sold 119 million euros in loans, almost 70% of which are classed as non-performing, including loans and guarantees in the first quarter of 2019. The bank’s non-performing exposure (NPE) fell by €360 million in the quarter, stemming from portfolio sales, net outflows and write-downs worth 77 million euros. The bank also announced that it had sold 1,000 properties for a total of 149 million euros. After impairments, the properties rwere valued at 124 million euros on the bank’s balance sheet, giving BCP revenues of €25 million. Original Story: Jornal Econômico - Maria Teixeira Alves and António Vasconcelos Moreira