NPL&REO News

EOS Partners leads the bidding for the ‘Solaris Project’ from Servdebt

From the list of candidates for the purchase of the ‘Solaris Project’, EOS Partners has made the highest bid for the portfolio of non-performing loans (NPL) in Portugal and will therefore win the portfolio of problem assets.

According to sources close to the process, EOS stood out from the other bidders with a bid of €85 million, while the other candidates submitted bids of between €63 million and €66 million.

LCM Partners, Cerberus, Balbec-Lx Partners and NorthWall Capital were also in the running.

In Portugal alone, the value of the NPL portfolio was €870 million. In Spain, the Portuguese servicer put a portfolio of €480 million up for sale.

The ‘Solaris project’ in Portugal consists mainly of loans to individuals totalling €620 million and loans to SMEs totalling €200 million, with an average loan size of six thousand euros.

It is a secondary market operation, competing in the market with other NPL portfolios of major banks such as CGD, Crédito Agrícola, Novobanco, Santander Totta, BCP, Banco Montepio and Bankinter/Universo.

Servdebt, the Portuguese asset management and recovery company, has mandated Alantra to sell its own portfolio of NPLs in the Iberian Peninsula totalling €1.350 billion. The portfolio consists mainly (but not exclusively) of unsecured loans.

Eon Partners is a US-based alternative investment firm that invests in private equity, credit and capital markets.

Original Story: Jornal Económico | Author: Maria Teixeira Alves
Edition and translation:te: Prime Yield

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