Novo Banco puts its focus in NPL and Real Estate sales

Focused on cleaning its balance sheets and in the reduction of its NPL stock, Portuguese Novo Banco has advanced with the sale of a NPL portfolio worthing €1 billion and of other €500 million in real estate assets.

According the Jornal de Negócios, which quotes Debtwire, the Portuguese bank led by António Ramalho is already receiving proposals from financial advisores for the placement of the real estate portfolio in the market, which is expected to happen still in this quarter. In the race to advise this sale are well known names such as Alantra, Deloitte and PwC, among other. The sales process is expected to be completed by June.

So, after “Project Nata”, a NPL portfolio with a gross book value of €2.15 billion sold last December to a JV from KKR and LX Partners, the bank is now putting for sale the “Project Nata 2”, other NPL portfolio worthing €1 billion.

Also, in progress is the sale of “Project Viriato 2”, a €500 million real estate portfolio consisting mainly of commercial and industrial assets spread in the Lisbon region, writes the same publication, remembering that the disposal of “Projecto Viriato 1” generated a sales result of €388 million.

Original Story: Idealista | Idealista News
Photo: Novo Banco
Translation and Edition:Prime Yield