Novo Banco sold real estate and bad credit for 159 million euros – Jornal Económico


Novo Banco sold real estate and bad credit for 159 million euros. In a statement sent to the Securities Market Commission (CMVM), the bank said Wednesday that the sale of the portfolio concerns the “Sertorius Project”, whose gross book value is 487.8 million euros.

On Monday, the bank revealed that it had agreed to sell Cerberus Capital Management this real estate portfolio.

In relation to the asset portfolio called “Project Albatroz”, sold to Waterfall Asset Management, the proceeds were 98.7 million euros. This project had a book value of 308 million euros, and thus had a discount of 67.9%.

In total, the two portfolios were sold for 795.8 million euros and the sale resulted in a cash inflow of 257.7 million euros, with a total discount of 67.6%.

In a statement sent to the CMVM, Novo Banco states that “these operations had no additional effects on the operating account due to the appreciation of assets in the Novo Banco accounts as of June 30, 2019 as they already reflect the amount of 228.7 million euros in provisions for the semester related to said asset sales ”.



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