Global third-party loan servicing and credit asset management firm Mount Street Group announced on Thursday that it is forming a strategic partnership with Athens-listed real estate developer Technical Olympic focused on non-performing loans in Greece and Cyprus.
The partnership, which was signed with Technical Olympic’s subsidiary, PFC Premier Finance Corporation, is aimed at jointly pursuing investment and co-investment NPL opportunities in the real estate, shipping, infrastructure, renewable energy, hospitality and broader SME sectors.
The JV has taken over €33 mln of real estate-backed NPLs in its first month of operation.
‘This portfolio both marks the start of our new joint venture with Technical Olympic and is demonstrative of the quality of opportunities that we believe are available in the Greek and Cypriot markets,’ said Ravi Joseph, CEO at Mount Street Group. ‘Effective management and servicing of NPLs is a demanding operation and our partnership with Technical Olympic, a highly successful investment firm, is a thorough endorsement of our strong and growing capabilities in this area and region. We look forward to leveraging the combined expertise of this new joint venture in order to grow the portfolio under management and maximise the potential of the underlying assets and exposures.’
