Propertize, the Dutch bad bank formed from the nationalisation of SNS Reaal’s property finance division in 2014, has reportedly appointed Lazards to explore a sale of the entire real estate lending platform.
Propertize, the Dutch bad bank formed from the nationalisation of SNS Reaal’s property finance division in 2014, has reportedly appointed Lazards to explore a sale of the entire real estate lending platform.
According to a news report by website Costar Finance, the lender was encouraged by the scale of interest among private equity investors and recapitalised long term senior lending banks to test the viability of a private sale.
The bad bank reduced its net portfolio by €635 mln to €4.3 bn over the first half of 2015. It posted a net operating result of € 21 mln, compared to €11 mln in the same period in 2014.
'The results show that Propertize makes momentum with the reduction of its portfolio,' the group said in its first-half financial result earlier this month.
'The ambition of Propertize is to repay at least the capital that the Dutch government has made available to the privatization of Propertize, at the end of its mission, without making use of additional capital or guarantees from the State,' Hans Copier, chairman of the executive board, commented at the time.
Propertize currently has free equity capital of €549 mln, €49 mln above the initial deposit of the Dutch state.
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