Arbitrage provided expert real estate commercial underwriting advice to Bain Capital, a leading global credit investment specialist, to acquire from National Bank of Greece a non-performing loan (NPL) portfolio, known as Project Icon. This was Bain Capital’s second portfolio acquisition in Greece since 2018.
The portfolio comprised c. 2,800 non-performing, predominantly secured, corporate contracts with total principal amount of c. €1.6 billion. The collateral securing the loans is mostly industrial, commercial and residential real estate assets.
Arbitrage drive-by inspected and commercially assessed a mixed-use perimeter of c.170 commercial and hospitality collateralized properties. It is also provided AVM valuation services of c.1,000 granular residential collateralized assets.
During the assignment, Arbitrage:
- Defined the characteristics of the locations and assets
- Carried out drive-by inspections of all properties within its perimeter
- Identified local market and assessed the competition and collected comparable data
- Determined the Market Value of c.170 property assets
- Run AVM valuations for another 1,000 granular properties
