publity AG
publity expands NPL portfolio to around EUR 3.2 billion
DGAP-News: publity AG / Key word(s): Funds/Incoming Orders
– Additional mandate to exploit a further NPL portfolio with receivables of around EUR 831 million – 5-year servicing agreement with international investor – Portfolio includes approx. 980 real estate loans Leipzig, 23 February 2017 – publity AG (Entry Standard, ISIN DE0006972508) has received a new mandate from an international investor to exploit a portfolio of non-performing loans (NPL) with receivables totalling around 831 million. The volume of the total NPL portfolio assigned to publity for servicing has thus increased to around EUR 3.2 billion. NPL business is the second pillar of publity AG’s business activities. It supplements the core business of co-investments in joint ventures with institutional investors, for which the real estate assets under management now also total around EUR 3 billion. The new NPL portfolio includes approx. 980 real estate loans, mostly from large German banks. As part of the servicing agreement publity will take over the processing and exploitation of the transferred portfolio for a 5-year period and will participate substantially in the exploitation income. Thomas Olek, publity AG’s CEO, explained: “We are very pleased that we have been able to significantly further expand our NPL business. Once again, our expertise, our many years of experience and our strong network have paid off. What is more, we have been able to substantially further reinforce our position as Germany’s largest NPL servicer.” The law firm CMS Hasche Sigle, with a team headed by its Lead Partner Frank Schneider, is responsible for end-to-end legal consulting for the transaction.
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23.02.2017 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |