Arbitrage was assigned by Special Financial Solutions SA (SFS) to provide planning due diligence and documentation management services in relation to the sale maturity of 12 major commercial real estate collateral assets. Arbitrage produced a technical report for each of the asset and populate the VDR in advance of an amicable sale process run by SFS. The collateral assets were part of Amoeba NPL portfolio, which was bought by Bain Capital from Piraeus Bank on May 2018.
To assess and collect the technical documentation, the technical advisory team evaluated and analyzed all available (digital) information in Amoeba administration files and directly by the consented Borrowers. This exercise helped to identify the information gaps and missing technical documents deemed necessary for the successful execution of the technical assessment work and needed to support a future sale of the RE Portfolio. The team also proposed the most suitable approach to retrieve the missing documents from the relevant Public Authorities, following the officially available routes. All gathered technical documentation were scanned and digitized to be made available for VDR purposes.
For the technical assessment work, the team site inspected, externally and internally, all 12 commercial real estate assets. It assessed planning and licensing discrepancies based on the available and retrieved technical information. Wherever planning gaps were identified, the team proposed the appropriate rectification actions. The findings were summarized in technical reports in English and Greek including all relevant photographic evidence from the inspections.
Arbitrage also participated in roll-up meetings with the Servicer to discuss the RE Portfolio.