Construction company Technical Olympic has acquired a portfolio of 186 properties located throughout Greece from Intrum Hellas REO Solutions for nearly 20 million euros.
Portfolios consisting of properties are being sold off by debt management companies that acquired the assets as part of securitisations completed by Greek lenders aimed at offloading bad debts.
Since peaking in 2016 at 90 billion euros, NPLs held by banks have been declining rapidly but remain above EU averages. At the end of 2022, total NPLs had dropped to 13 billion euros with banks expecting further drops throughout 2023.
Earlier, the company announced:
The Company named "TECHNICAL OLYMPIC S.A." informs investors that the offer submitted in a tender process, which was conducted by Grant Thornton Business Solutions S.A. at the behest of Intrum Hellas REO Solutions S.A., in its capacity as property manager, and which concerned the acquisition of a portfolio of up to 186 properties (independent properties) was declared in principle as a Preferred Offer.
These properties are located in various geographical areas of Greece, owned by various special purpose vehicles (SPVs) managed by Intrum Hellas REO Solutions S.A.
The proposed price for the above transaction will amount up to nineteen million eight hundred thousand euros (€19,800,000).
Mount Street Hellas Advisory Ltd Greek Branch is acting as advisor to the Company in this transaction.