Novo Banco sells real estate assets worth €478.8M

By TPN/Lusa, in Business · 21-07-2019 01:00:00 · 0 Comments
Novo Banco sells real estate assets worth €478.8M

Novo Banco is to sell a portfolio of real estate assets, worth €487.8 million, to entities indirectly held by funds managed by New York-based Cerberus Capital Management

In a note sent to the Portuguese Securities Market Commission (CMVM), Novo Banco said that it has entered into a promissory contract for the sale and purchase of a portfolio of real estate assets, known as the "Sertorius Project".

The portfolio has a gross book value of €487.8 million euros and is composed of 195 properties, corresponding to 1,228 individual units, with industrial, commercial, land and residential uses, including parking.

The bank also said that once the sale is completed, management of the portfolio will be outsourced in Portugal and will incorporate 13 employees of Novo Banco.

The bank expects the transaction to be concluded by the end of this year.


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