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Novo Banco bank agrees sale of €800M portfolio
09 August 2019 | Ana Tavares

Novo Banco announced this week it reached an agreement for the sale of two portfolios constituted by real estate and non-productive assets, with a total book value of 800 million euro.

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This announcement corresponds to two different transactions, Projeto Sertorius and Projeto Albatroz, which should be concluded until the end of the year. One of the portfolios, the real estate one, will be sold to Cerberus Capital Management.

In a release sent to CMVM (Portuguese Securities Market Commission), the bank informs it «signed a pre-contract agreement with entities indirectly held by funds managed by Cerberus Capital Management, L.P., a society headquartered in New York, for the sale of a real estate portfolio, designated ‘Projeto Sertorius’».

The portfolio has «a gross book value of 478.8 million euro and is constituted by 195 buildings, corresponding to 1.228 individual units, for industrial, commercial and residential use, including parking lots and terrains. Following the conclusion of the sale, the portfolio will be managed by a servicer which is a reference in Portugal in terms of managing this type of assets and which will incorporate up to 13 members of Novo Bank», it can be read in the same release.

On the other hand, the bank also informed on the 5th of August «that its subsidiary in Spain and Novo Banco Servicios Corporativos, S.L. celebrated a purchase and Sales agreement with Waterfall Asset Management L.L.C., for the sale of a portfolio composed of real estate assets and non-performing loans called ‘Projeto Albatroz’. The portfolio has a consolidated gross book value of 308 million euro».

The amount which the bank expects to receive with these transactions was not disclosed.