The battle for the “Ariadne” portfolio of loans is going to be fierce and involves some major names.
The bad-loans package that PQH has put up for grabs – with an accounting value of 5.2 billion euros – has led to important alliances, as the consortiums of Bain with Fortress and doValue on the one hand, and of Davidson Kempner with Cepal on the other, have now tabled a joint bid.
Offers were submitted last week, Kathimerini understands, and the joint bid must rival that by Intrum, which has entered the running in cooperation with Cerberus, according to the same sources.
The coalition of the biggest funds that are active in Greece is explained by the fact that “Ariadne” is the biggest loan portfolio that has ever been put up for sale in the country, and its acquisition would require sizable funds from candidate buyers.
Notably, the nominal value of this NPLs package, i.e. the requirements with the interest, add up to some €13.9 billion.
The main reason that competition is so fierce for this portfolio is that its loans are secured on properties worth a combined €7.4 billion, which is why the starting price PQH has set is close to €800 million, according to sources.