Oitante, the Portuguese 'bad bank' holding the assets of failed lender Banif, has decided to indefinitely postpone the sale of a €400 mln real estate portfolio known as Lucille Project, blaming difficult market conditions due to the Covid-19 pandemic.
The sale was part of the lender’s plans to reduce its exposure to real estate.
Oitante was created in 2015 to assume Banif's non-performing loans and other toxic assets. Last summer the 'bad bank' sold its real estate asset management and debt servicing unit to Altamira Asset Management, alongside a €1.5 bn portfolio of assets and non-performing loans. Altamira Asset Management is owned by US fund Apollo and Spain’s Santander.
