NPL port­fo­lio for sale with dozens of ho­tels

Kathimerini English - - Focus - ILIAS BELLOS

More than 70 ho­tel units are up for sale as part of Al­pha Bank’s Jupiter loan port­fo­lio, which in­cludes 500 non­per­form­ing loans, with col­lat­eral con­cern­ing 1,700 prop­er­ties.

This is the first time that in­vest­ment funds will have the op­por­tu­nity to buy such a big pack­age of tourism fa­cil­i­ties, mostly small and medium-sized, due to bor­row­ers hav­ing failed to re­pay loans.

Kathimerini un­der­stands that most such NPLs con­cern ho­tels lo­cated on the is­lands of My­conos, Cephalo­nia, Sy­ros and San­torini and in Athens, as well as some on Crete and Rhodes. The port­fo­lio in­cludes a loan taken out by a com­pany which owns a 34-room unit on My­conos, a 275-room ho­tel at Her­sonis­sos on Crete, a 135-room unit on Rhodes and a 148-room com­plex on Cephalo­nia, among oth­ers.

The Jupiter port­fo­lio con­sists of loans with a nom­i­nal value of 800 mil­lion eu­ros and in­cludes 500 NPLs of small and medium-sized en­ter­prises. It con­tains more ho­tel units than the larger Amoeba port­fo­lio, worth 1.95 bil­lion eu­ros in to­tal, that Pi­raeus Bank sold to Bain Cap­i­tal for 432 mil­lion eu­ros. A sim­i­lar dis­count rate is ex­pected for Jupiter.

The Al­pha pack­age has at­tracted strong in­ter­est from the US sub­sidiary of Al­lianz, as well as PIMCO, Lone Star, Fortress, and a Deutsche Bank-led con­sor­tium.

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