Frankfurt, 06 June 2019 – Engel & Völkers Investment Consulting GmbH (EVIC) has brokered the sale of a non-performing loan (NPL) of EUR 36.9 million secured by a shopping centre in the Netherlands to EOS Immobilienworkout GmbH (EOS). The shopping centre is in the border region to Germany (Limburg province). EVIC advised the seller and found the buyer in the transaction. The sale was closed at the end of April.
“The deal is the first cross-border NPL transaction we have supported and required us to leverage our international network,” notes Thorsten Brogt, Member of the BoardExecutive Director Business Development for Distressed Debt/Real Estate Opportunity Funds at EVIC. “The transaction marks our entry into the international NPL market, which will help us continue our expansion. We expect a significant number of NPL transactions in 2019, particularly in Southern Europe, along with continuing high transaction volumes in Ireland and the United Kingdom,” he adds.
For EOS, the transaction is its first acquisition of real estate secured NPL debt in the Netherlands. “We have been watching the Dutch market for a while now and are happy to have achieved market entry by making the acquisition,” says Jochen Prinz, Managing Director of EOS Immobilienworkout. “We have years of experience in handling distressed, real estate secured debt. Plus our home base in Mülheim an der Ruhr gives us a clear geographic advantage for the Dutch market, allowing us to ensure close customer support and service,” Prinz adds.
EVIC extended its business model in early 2016 to include NPL debt and has since been expanding in this field. Its tasks include the sale of real estate and NPLs through Engel & Völkers’ German and global brokerage network. EVIC is a member of Germany’s Federal Association of Loan Purchase and Servicing (BKS).