Bernitsas Law advised Apollo Global Management in the acquisition from Alpha Bank by a consortium of funds managed by Apollo affiliates and IFC of a mixed pool of non-performing loans (the NPL Portfolio) to Greek SMEs mainly secured by real estate assets, and a pool of real estate assets repossessed by Alpha Bank and Alpha Leasing (the REO Portfolio) in Greece.
The total on-balance sheet gross book values are c.€1bn and €56m respectively, and we also advised on the subsequent securitisation of the NPL Portfolio and sale and transfer of the REO Portfolio. This is the first transaction in the Greek market involving a mixed pool of both secured loan receivables and repossessed real estate assets.
Apollo Global Management is one of the world’s largest alternative investment managers. Alpha Bank is one of Greece’s four systemic banks and listed on the Athens Exchange.
Athanasia Tsene led the Bernitsas Law team.