Bain Capital Special Situations has acquired 100% of Sunshine Leases, a Greek financial leasing subsidiary of Piraeus Bank, including a portfolio of non-performing exposures from Greek leasing company HCL.
The Sunshine Portfolio comprises a gross book value of around €500 mln. The collateral securing the leases consists primarily of commercial real estate and hotel assets.
The deal has been conducted via Greek leasing company Hellas Capital Leasing (HCL), wholly owned by funds managed or advised by Bain Capital.
This is Bain Capital’s fifth large-scale acquisition of non-performing exposure portfolios in Greece following the HCL-EGEE, Amoeba, Icon, and Frontier projects.
Sunshine Leases is Bain Capital’s sixth transaction of leasing portfolios in Europe, a sector in which it has acquired gross book value receivables of around €2.8 bn.
Nikolay Golubev, a partner at Bain Capital Special Situations commented: ‘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. This acquisition demonstrates our commitment to the Greek market and to a product in which we have unparalleled expertise.’
Georgios Elekidis, a principal at Bain Capital Special Situations commented: ‘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.’
Bain Capital Special Situations has $15 bn (€14 bn) in assets under management and has invested $28 bn (€26 bn) since its founding in 2002.
