Eurobank sellsproperty portfolios

Eurobank said on Thursday it was selling two real estate portfolios worth a combined 84 million euros to Brook Lane Capital and plans to put a third portfolio up for sale.

Eurobank, which is 2.4 percent owned by Greece’s HFSF bank rescue fund after being bailed out during the country’s debt crisis, repossessed most of the properties, residential and commercial, after loan defaults.

The bank, Greece’s third largest lender by assets, said it wanted to focus on other property assets on its books.

“Eurobank and a Brook Lane Group company signed the initial agreements and the transactions are expected to be completed in early 2020,” Eurobank said in a statement, adding that the two portfolios comprised 370 properties.

Eurobank said it has another real estate portfolio for sale in the pipeline comprising a total of 640 smaller properties, dubbed project Star.

“The agreements confirm investors’ interest in Greece’s developing real estate market,” the bank said.

[Reuters]