BCP prepares sale of €100 million in bad debt and real estate assets
Bank has put up for sale the "Lucia Project", consisting of bad loans (€60 million) and real estate assets (€50 million).
BCP has decided to put up for sale a portfolio of bad loans and real estate assets worth around €100 million, market sources told ECO.
The process is being led by KPMG, and the so-called “Lucia Project” includes around €60 million in non-performing loans (NPLs) and €50 million in Real estate owned (REO) properties, one of the sources said. Contacted by ECO, the institution declined to comment.
This is not the only portfolio that BCP has in the market. As ECO advanced in August, the bank put Project Green up for sale, worth around €160 million, and which was composed of NPLs and REO properties of the Castro Marim and Monte Rei luxury resorts, both in the Algarve.
However, in relation to this operation, the Castro Marim resort assets were excluded from the portfolio, apparently because of the low values offered by the investors. The Monte Rei assets remain, but it is also not certain that the deal will be concluded due to the offers that are on the table, one of the sources told ECO. The bank has only received proposals from Bank of America Merrill Lynch and Bybrook.
