Swiss bank UBS is considering offloading €425 million of real estate loans, with a shortlist of potential buyers drawn up in December, PERE has learned.
According to those that have seen details from the bank, UBS invited 20 parties to bid on a package of seven loans with a face value of €425 million. The portfolio is backed by assets in the UK, the Netherlands, Germany and Finland.
UBS declined to comment, but buyers believe it is the first significant sale by the Swiss bank since reorganising its problematic assets in 2008.
It comes amid some signs lately that more banks are beginning to take active decisions to sell elements of their real estate loan books. Opportunity funds are among those considered keen buyers.
Credit Suisse sold a €2.8 billion European portfolio to New York’s Apollo Global Management at the end last year.
Also among those with significant portfolios for sale is Royal Bank of Scotland with plans to sell one portfolio in the UK and two in Spain.
One large buyer of real estate loans suggested to PERE that it knew of even more banks that would be hoisting a for-sale sign on “bad bank” assets this year.
See this month’s PERE for more.