Summer slump has not affected our finance & capital markets group which stepped up the pace and proceeded with the successful closing of two mega-deals and the signing of Project Cell, another NPL transaction, within August and September. More specifically, we acted on behalf of AB CarVal Investors L.P., an established global alternative asset manager with USD17 billion in assets under management. Funds managed by AB CarVal purchased the Astir I securitisation portfolio, i.e., Attica Bank’s €312 million GBV NPE portfolio, which signed in August 2023 and closed on 29 September 2023.
Ιn the course of our on-going cooperation with Alpha Bank (a Greek systemic bank) we advised it in relation to Project Cell, a sale of a portfolio of unsecured sub-performing and non-performing loans of a total exposure of approx. €1,6 billion, from the very preparatory stages of the project to the negotiation and execution of the Greek law governed sale and purchase agreement, while closing of the transaction is expected within October 2023.
Both transaction teams were led by Christina Papanikolopoulou, head of Finance & Capital Markets practice group; the first transaction team included senior associates Efthymis Naoumis and Athina Palli and associate Dimitris Mekakas, whilst the second senior associate Mary Nigritinou, of counsel Kitty Fragalexi and associates Magda Tsatsi and Pinelopi Klara.
Moreover, we acted for Bain Capital Credit (BCC), a leading global credit specialist with USD41 bil. assets under management, from the structuring phase until the successful acquisition of Sunshine Leases, a financial leasing company owned by Piraeus Bank (a Greek systemic bank) into which Piraeus Bank had transferred Piraeus Bank Group's non-performing financial leasing portfolio, by Hellas Capital Leasing, a subsidiary of BCC.
Our team was led by partner Christina Papanikolopoulou and senior associate Efthymis Naoumis, and included associates Magda Tsatsi, Dimitris Mekakas and Pinelopi Klara, while partner Elena Papachristou and associate Vivian Efthymiou advised on all regulatory matters of the transaction and Sonia Melegou, partner and Anastasia Veneti, senior associate, on the real estate aspects.
