531
531
  • Transaction / Assets
    Project Sertorius
  • Seller
    Novo Banco
  • Buyer
    Cerberus
  • € MM
    400

Novo Banco Finalises Sale of Project Sertorius to Cerberus

25 July 2019 – Richard D. K. Turner

Novo Banco has finalised the sale of a €400-million real estate portfolio, denominated “Project Sertorius,” to the American private equity firm Cerberus. Finsolutia also had submitted an offer which the bank ultimately rejected in favour of Cerberus’ bid.

Sertorius consists of 200 assets, largely undeveloped plots of land along with some industrial, residential and commercial properties, mostly located in Lisbon and Setúbal.

At the end of last year, Cerberus also acquired a €600-million portfolio of real estate assets from Santander Totta, along with BES Vénétie from Novo Banco at the end of 2018 for about 50 million euros.

Novo Banco is seeking to reduce its exposure to NPLs and real estate, submitting to demands of European regulators.

Original Story: Economia Online – Alberto Teixeira