CaixaBank is back with further NPL sales in 2019

After the sales boom recorded along 2017 and 2018 in Spain, CaixaBank is now back in the NPL sales business.

One of Spain’s top banks, Caixa Bank has just launched one of the first and largest Non-Performing Loan (NPL) disposals of this year: Project Niseko, with a gross nominal value of about €700 million, according to sources listened by El Confidencial.

Aiming to obtain at least €300 million, CaixaBank hired KPMG’s advisory for the sale process of this portfolio which is divided into two different segments. The first, named Hokkaido, groups eight large loans with real estate collaterals and a gross initial value of almost €400 million. 70% of the properties supporting the portfolio are commercial (offices and stores) while the rest are residential (20%) and land (10%). Named Sapporo, the other part of the portfolio is made-up of other 100 smaller credits (with an average value of €2.4 million, each) with a gross value of more than €300 million shared equally among land, residential and commercial properties.

Project Niseko is one of largest NPL portfolios available for sale in the present, along with three others (with gross value of about €1 billion each) that were put on the market by entities like Bankia, Unicaja and Ibercaja.

Original Story: El Confidencial | Jorge Zuloaga 
Photo: CaixaBank site
Edition & Translation:Prime Yield