Alpha Bank seeks buyer for €1b Project Jupiter NPL portfolio

A €1 bn non-performing loan portfolio owned by Greek lender Alpha Bank is about to hit the market in Greece’s second major property-backed loan sale by a local bank, PropertyEU has learned.

According to well-informed market sources, Alpha Bank has hired Morgan Stanley to divest the package which includes a substantial proportion of hotel properties in an attempt by the landlord to attract international investors. The portfolio is also said to include a number of retail assets as well as hundreds of smaller properties for various uses.

The debt portfolio is expected to sell for around 20 cents on the dollar, according to those who track the market.

Meanwhile, sources say Piraeus has given a 1-month extension for its €1.6 bn Project Amoeba. Four parties - Apollo Global Management, Bain Capital, Davidson Kempner Capital Management and Kildare Partners – are vying for the portfolio which includes a mixed bag of secured and unsecured loans. Binding offers are now expected for the end of May. 

Non-binding offers
The disposal includes a total of 700 NPLs from 120 businesses with collateral in over 1,350 largely vacant properties valued at €467 mln. Non-binding offers have come in at around 20 cents on the dollar and Piraeus Bank is said to be aiming a bit higher for the package, according to people familiar with the sale, which is being managed by UBS.

Similarly, lender Eurobank is understood to be in negotiations to sell its property arm, Eurobank Property Services, with interested parties said to include Apollo's Altamira Asset Management and London-based Mount Street.

As bids have come in at much lower levels than expected, it is not yet clear whether the sale will go ahead as planned or whether Eurobank will consider a different course of action.

The company is active in the South-Eastern European countries of Romania, Bulgaria and Serbia as a property and asset manager, advisor and investment manager.



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