Eurobank offloads 1,000 properties in bad loan sales

Eurobank offloads 1,000 properties in bad loan sales

Eurobank has completed the sale of two bad loan portfolios to fund Brook Lane containing 370 real estate assets as part of efforts to reduce nonperforming loans.

The deal, involving real estate worth 84 million euros has been signed and will be completed at the start of next year. The bank is also pushing ahead with the sale one more portfolio of bad loans, tied to an additional 640 real estate assets of smaller value, to another interested investor in a deal expected to be completed soon.

"These deals, which confirm investor interest in the growing Greek real estate market, are part of the bank's strategy to develop assets it owns, targetting a reduction in the number of properties and efficient use of investment opportunities offered in the market," it said in a statement.

With Greek banks passing on more and more bad loans to funds as a way of improving their financial health, the real estate market will see a spike in forced home auctions, putting downward pressure on prices.

Demand for pockets of the housing market has risen in recent years, in areas such as central Athens, but remains weak for the broader sector amidst tight credit conditions and households still hurting from the country's ten-year economic crisis.


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