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Novo Banco signs agreements for sale of real estate, NPL portfolios

Portuguese lender Novo Banco SA inked agreements for the sale of a portfolio of real estate assets known as Project Sertorius, and for the sale of a portfolio of real estate properties and nonperforming loans dubbed as Project Albatroz.

The bank signed a promissory sale and purchase agreement with entities indirectly owned by funds managed by Cerberus Capital Management LP for the sale of Project Sertorius, while its Spanish branch and Novo Banco Servicios Corporativos SL signed a sale and purchase agreement with U.S.-based asset manager Waterfall Asset Management LLC for the sale of Project Albatroz.

Project Sertorius has a gross book value of 487.8 million and comprises 195 properties, while Project Albatroz has a gross book value of €308 million at the bank's consolidated level.

The bank expects both transactions to be completed until the end of 2019, following fulfillment of all conditions related to their formalization.

In the first half, Novo Banco recorded losses related to the restructuring process and the deleveraging of nonperforming assets, including Project Sertorius, Project Albatroz and the sale process of GNB - Companhia de Seguros de Vida SA, with a negative impact of €340 million.