BCP sells NPLs and real estate assets in Algarve for €145 million

  • ECO News
  • 27 July 2021

The Portuguese bank has put "Project Green", a portfolio of non-performing loans (NPLs) and real estate worth €145 million, on the market.

BCP has put up for sale a portfolio worth €145 million, which include non-performing loans (NPLs) and real estate assets linked to the luxury resorts Castro Marim and Monte Rei, both located in the Algarve, according to sources consulted by ECO.

At stake is the so-called “Green Project”, a name that may have to do with the fact that these two tourist complexes have golf courses. The bank led by Miguel Maya is already in the market contacting potentially interested parties.

According to the same sources, these two assets had already been included in the “Ellis Project”, whose process was concluded at the end of last year with the sale to the Davidson Kempner fund, as advanced by ECO. They were, however, removed from that portfolio, but BCP is now placing them back on the market.

Located a few kilometres from the Vila Nova de Cacela border, Monte Rei is a country club with over 400 hectares of land, with villas, townhouses, flats and lots for construction and golf courses designed by the American Jack Nicklaus. Close to the border, the Castro Marim resort also has golf courses, villas and individual lots, as well as spaces for events.

One source said that this portfolio includes a number of non-performing loans (NPLs) and Real Estate Owned (REOs) plus some assets in Tavira, São Brás de Alportel and Loulé.

This is the second NPL portfolio that BCP has put on the market this year, after “Project Row”, a portfolio of €180 million made up of unsecured loans (without guarantees) from individuals (36%) and loans from small and medium-sized companies.