Novo Banco closes deal on real estate assets for 800M€
Novo Banco (NB) closed a deal to alienate two assets portfolio. Both operations were evaluated in 800M€ as they involved Waterfall Asset Management and Cerberus.
Novo Banco (NB) closed a deal to alienate two assets portfolio. Both operations were evaluated in 800M€ as they involved Waterfall Asset Management and Cerberus.
Cerberus acquired “Sertorius Project” as ECO informed at the end of July. According to the communique, this portfolio has a “gross value of 487.8M€, composed of 195 aggregated properties (1.228 industrial, commercial and residential units)”. After the completion of the transaction, “portfolio management will be the responsibility of a reference servicer in Portugal, which will integrate 13 officers from Novo Banco in its team.”
On the other hand, the institution has informed that its Spanish branch reached an agreement with Waterfall Asset Management to alienate both “real-estate and non-performing loans’ portfolios designated ‘Albatroz Project'”. The asset portfolios value 308M€, the bank informed.
These transactions represented “another important step towards Novo Banco’s strategic disinvestment in non-performing assets to focus on the banking business”, the institution led by António Ramalho told.