NPL portfolio for sale with dozens of hotels
More than 70 hotel units are up for sale as part of Alpha Bank’s Jupiter loan portfolio, which includes 500 nonperforming loans, with collateral concerning 1,700 properties.
This is the first time that investment funds will have the opportunity to buy such a big package of tourism facilities, mostly small and medium-sized, due to borrowers having failed to repay loans.
Kathimerini understands that most such NPLs concern hotels located on the islands of Myconos, Cephalonia, Syros and Santorini and in Athens, as well as some on Crete and Rhodes. The portfolio includes a loan taken out by a company which owns a 34-room unit on Myconos, a 275-room hotel at Hersonissos on Crete, a 135-room unit on Rhodes and a 148-room complex on Cephalonia, among others.
The Jupiter portfolio consists of loans with a nominal value of 800 million euros and includes 500 NPLs of small and medium-sized enterprises. It contains more hotel units than the larger Amoeba portfolio, worth 1.95 billion euros in total, that Piraeus Bank sold to Bain Capital for 432 million euros. A similar discount rate is expected for Jupiter.
The Alpha package has attracted strong interest from the US subsidiary of Allianz, as well as PIMCO, Lone Star, Fortress, and a Deutsche Bank-led consortium.