The Portuguese daily newspaper ECO reported that the bank led by Miguel Maya will sell a portfolio of non-performing loans and real estate totalling more than 100 million euros. The Lucia Project comprises NPLs (Non-Performing Loans) worth 60 million euros and real estate assets totalling 50 million euros.
Millennium bcp is looking to reduce its NPL ratio to 2.5%, and this is not the only portfolio that the institution has on the market. The bank is also looking to sell the Green Project, which consists of NPLs and REOs in the Algarve luxury resorts Castro Marim and Monte Rei. Assets pertaining to the Castro Marim resort were excluded from the portfolio, apparently due to the low values offered by investors, while the Monte Rei assets were kept.
The sale of the Lúcia Project, which includes around 60 million euros in NPL and 50 million euros in REO (real estate owned), is being conducted by KPMG.
