February 14, 2022

8GCP exclusive property advisor to Alpha Bank for Project Sky

8GCP has acted as the exclusive property advisor to Alpha Bank for Project Sky, an NPL and property portfolio with a total gross book value of c. Euro 2.4 billion, to an affiliate of Cerberus Capital Management. Huge congratulations to all the teams involved.

In the Press:

Reuters – Alpha clinches deal to sell bad loans to Cerberus – Reporting by George Georgiopoulos and Angeliki Koutantou; Editing by Kirsten Donovan

(Reuters) – Alpha Bank, Greece’s third largest lender by market capitalisation, said on Monday it agreed to sell a portfolio of Cypriot non-performing loans and real estate properties to Cerberus as part of efforts to clean its balance sheet from bad debt.

The portfolio, named project Sky, has a gross book value of 2.4 billion euros ($2.72 billion). The sale will reduce Alpha Bank’s non-performing exposures (NPE) ratio by about five percentage points to 13%, the bank said.

The impact of the sale to Alpha Bank’s income statement is fully in line with a budgeted loss of 200 million euros, it said, while the impact on its total capital adequacy ratio will be around 20 basis points.

Completion of the sale is expected in the third quarter of this year, subject to regulatory approvals.

Alantra Portfolio Advisors advised Alpha Bank and KPMG Cyprus was the local due diligence adviser.
($1 = 0.8819 euros)