Novo Banco sells real estate portfolio for €208M

Novo Banco held, on average, a stake of around 75% of those real estate assets.


Novo Banco has completed the sale of a real estate portfolio, mainly made up of logistics assets, of GNB Real Estate, a subsidiary of the bank, for €208 million, “after a competitive sale process”.

In a statement sent on Thursday to the Portuguese Securities and Exchange Commission (CMVM), Novo Banco said that “it held, on average, a stake of around 75% of those real estate assets” last March.

Novo Banco had announced to the market the signing of a purchase and sale promisory contract for this portfolio on Monday, March 23.

“Completion of the transaction, under the terms agreed, should have a positive impact of around €62 million on the income statement for 2022, and around 35 basis points on the total capital ratio of the novobanco group,” said the statement issued today.

Novo Banco said the portfolio of assets included “mostly logistics assets located in Portugal”.

Source: Lusa