Novobanco sells a real estate portfolio

  • ECO News
  • 23 May 2022

The Portuguese bank has just sold a number of logistics assets located in Portugal, with the deal having a positive impact on Novobanco’s Group Total Capital position.

Novobanco announced on Monday that it had signed a Sale and Purchase Agreement for the divestment of a real estate portfolio, comprising logistics assets located in Portugal. The value of transaction was not disclosed.

“The completion of this transaction, on the agreed terms, is expected to have positive impact of c.35 bps on Novobanco’s Group Total Capital position,” the bank said in a statement sent to CMVM.

“The success of this landmark transaction reflects the positive market momentum of this segment of real estate assets, with significant yield compression over the last 12 months and consequent increase in price given increased demand for logistics assets post pandemic,” explains the Portuguese bank.

At stake is a real estate portfolio held mainly by the real estate funds NB Património and NB Logística, both managed by GNB Real Estate. As of March 2022, Novobanco held a participation of around 75% in these real estate assets.