777 Capital Partners (777) has acquired a non-performing loan portfolio consisting of 30 loans with a face value of EUR 40 million, which is predominantly secured by real estate. The 28 properties serving as collateral are mainly mixed-use commercial buildings, light industrial properties and apartment buildings with a focus on Hesse and North Rhine-Westphalia, most of which are rented or owner-occupied. The seller of the portfolio is a German bank in liquidation. The transaction took place as part of the liquidation of the bank. 777 has already supported the seller and the liquidator appointed by Bafin in an advisory capacity in the liquidation of the loan portfolio before the sale and, through this transaction, is making a significant contribution to the fact that the bank can in all likelihood be liquidated and liquidated in a solvent manner.
“Decisive for the successful completion of this extremely difficult and complex transaction was our extensive expertise in the purchase and settlement of non-performing loans,” says Thomas Landschreiber, Founding Partner of 777.
“We are pursuing further NPL transactions, currently have several medium-sized transactions in the pipeline and have the necessary capital for such investments. As one of the few German NPL players, we are an ideal partner for banks that want to divest themselves of their NPL exposures, as we can support them with both our flexible capital and our expertise,” says Markus Dickopf, Managing Partner of 777.
The Silverton Group, a credit servicer regulated by BaFin since 2006 with a special focus on real estate-secured loans, has closely accompanied the transaction from the outset and will also take over the further processing of the portfolio. “We are pleased to manage the portfolio on behalf of 777 in our role as a licensed credit servicer and to contribute to the successful execution with our many years of workout experience,” says Jascha Hofferbert, Managing Director of the Silverton Group.
