Arbitrage provided expert real estate commercial advice to Elliott Advisors and its consortium partner, Centerbridge Partners, two multi-strategy American investment management firms, to acquire Symbol non-performing loan (NPL) portfolio from National Bank of Greece against a price of more than € 200 million.
The Symbol NPL portfolio consists of mortgage-backed loans to small and micro-businesses. The portfolio has a nominal value of € 950 million and includes 13,000 non-performing loans with around 7,900 properties as collaterals. The price at which it is transferred represents approximately 33% of its book value. The Symbol portfolio is the first corporate mortgage backed loan package sold by National Bank of Greece.
Arbitrage commercially assessed a mixed-use national portfolio of 600 real estate collaterals on a drive-by basis during the loan acquisition underwriting process. Arbitrage also did a thorough algorithmic extrapolation exercise to assess the value of all loan package collaterals.
During the assignment, Arbitrage:
• Defined the property collaterals characteristics
• Identified local markets and assessed the competition
• Provided market research and collected comparable data
• Evaluated the permitted uses of the properties
• Determined the Market and Extrapolated Values
