Bain Capital’s special situations arm has expanded its presence in the Greek non-performing loan (NPL) market with the acquisition leases secured against commercial real estate and hotel assets.

Bain Capital Special Situations said it has acquired Sunshine Leases Single Member Société Anonyme, a Greek financial leasing subsidiary of Piraeus Bank, including a portfolio of non-performing exposures.

The acquisition was made through Hellas Capital Leasing Single Member Société Anonyme (HCL), a Greek leasing company owned by Bain Capital funds.

Bain said the portfolio of non-performing exposures comprises a gross book value of €500m, adding that the collateral securing the leases comprises mostly commercial real estate and hotel assets.

The deal marks Bain Capital’s fifth large-scale acquisition of non-performing exposure portfolios in Greece. Sunshine Leases is Bain Capital’s sixth transaction of leasing portfolios in Europe, a sector in which it has acquired €2.8bn of gross book value receivables, the investment firm said.

Nikolay Golubev, a partner at Bain Capital Special Situations, said: “Bain Capital has been one of the early investors in the Greek non-performing credit market since the acquisition of HCL in 2014.

“We continue to believe Greece is one of the most attractive NPL and real estate markets in Europe, and we are excited to expand our footprint through this acquisition.:

Georgios Elekidis, a principal at Bain Capital Special Situations, said: “Our acquisition of Sunshine Leases demonstrates our skillset in executing complex transactions that require strong underwriting capabilities, operational expertise and the swift securing of all required regulatory approvals.”

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