LONDON, July 11, 2017 – Bain Capital Credit, LP announced today that it has acquired a portfolio of non-performing and sub-performing loans with a total outstanding balance of c. €476 million, as well as some repossessed real estate assets, from Caixa Geral de Depósitos S.A., Portugal's largest bank by assets. The portfolio acquisition is the firm’s first in Portugal.
The portfolio is primarily made up of bilateral real estate secured loans to small and medium enterprises, as well as to larger corporations. The collateral securing the loans includes a wide range of asset types, including finished and work-in-progress residential developments, industrial & commercial real estate assets, as well as land plots. “We are excited about entering the Portuguese non-performing loan market with this acquisition,” said Alon Avner, a Managing Director and Head of Bain Capital Credit’s European business. “After having acquired similarly complex portfolios across Europe and around the world, we believe the time is right to expand into Portugal and look forward to completing more transactions in the future.”
“This investment demonstrates our interest in the market, and our expertise in executing complex transactions that require dedication and close collaboration with the seller,” added Fabio Longo, a Managing Director and Head of Bain Capital Credit’s European non-performing loan & real estate business. “We see the potential for further investment in Portugal, particularly in the real estate and non-performing loan markets.”
Support in executing these deals was provided by Hipoges and Finangest, loan servicing specialists; Aura REE, JLL and CBRE, real estate valuation providers; and Uría Menédez Proença de Carvalho, a local legal firm which assisted Bain Capital Credit.
About Bain Capital Credit
Bain Capital Credit (www.baincapitalcredit.com), founded as Sankaty Advisors in 1998, invests up and down the capital structure and across the spectrum of credit strategies, including leveraged loans, high-yield bonds, distressed debt, private lending, structured products, non-performing loans and equities. Our team of more than 200 professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital invests across asset classes including private equity, public equity and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.