The state KEDIPES proceeded with the preparation of the short list of interested investors for the purchase of the portfolio of serviced loans amounting to € 477 million euros, within the framework of the “Ledra” project.
According to KYPE, the short list now includes six potential investors, out of 13 who had initially entered the Virtual Data Room as part of the first phase of the process. The schedule of the whole project remains the submission of bids until the end of October.
The process is now entering full due diligence, as investors who remain on the shortlist will have access to all the data pertaining to that portfolio.
No information was provided to investors due to the confidentiality agreements that have been signed.
However, according to the same information, although KEDIPES considers the signing of an agreement with an investor as an ideal scenario, it is not ruled out that there may be more investors, as the portfolio is divided into 4 different sections and based on the process, each investor can bid either for the entire portfolio or for different segments.
Moreover, the completion of the Ledra project will pave the way for further potential sales of portfolios by KEDIPES within the terms of its mandate for the management of NPLs and repayment of state aid, while it will also give it the necessary cash available to acquire a new portfolio. non-performing loans (NPLs), if the process of converting it into a national asset management company is completed by changing its terms of reference.
It is recalled that as announced by YPOIK, if KEDIPES evolves into the national asset management company, it could acquire NPLs of up to € 1.5 billion either from banking institutions or from other credit acquisition companies.
At the end of March 2021, the total assets of KEDIPES amounted to € 7,495 million in nominal value and include cash of € 188 million, real estate of € 619 million and serviced loans of € 628 million.
Source: KYPE
