Arbitrage was assigned by a global investment management firm to provide real estate commercial advice and expertise during the non-binding and binding rounds of Alpha Bank’s Jupiter non-performing loan (NPL) portfolio, with a nominal value of 800 million euros, which includes 500 NPLs with 1,700 properties as collaterals.
Arbitrage commercially assessed a mixed-use portfolio of 519 real estate collateralized assets, as part of the loan acquisition underwriting process. The real estate portfolio consisted mostly of residential assets (40%) and land plots (32%) as well as commercial properties (24%) and few industrial (3%). Most of the assets were located in Attica (31%), Peloponnese (20%), Macedonia (16%) and Aegean Islands (14%), while some others were in Crete (8%), the rest Central Greece (7%), Ionian Islands (2%) and Epirus (2%).
During the assignment, Arbitrage:
• Defined the property portfolio characteristics
• Identified local markets and assessed the competition
• Provided market research and collected comparable data
• Evaluated the permitted uses of a large number of properties
• Determined the Market Value of the property portfolio
