DDM Debt announces completion of milestone transaction in Greece with ERC of over EUR100m.
NORDIC BUSINESS REPORT-August 9, 2017-DDM Debt announces completion of milestone transaction in Greece with ERC of over EUR100m
(C)2017 M2 COMMUNICATIONS http://www.m2.com
DDM Debt AB (STO:DDM2) announced on Tuesday the completion of a milestone transaction in Greece. Under this transaction, the total investment amounts to approximately EUR50m, with gross Estimated Remaining Collections (ERC) from the transaction exceeding EUR100m.
The company said this transaction will more than double its ERC at the end of the second quarter 2017. This large underlying portfolio consists of secured and unsecured retail and corporate receivables and has a nominal value of about EUR1.3bn.
According to the company, this is one of the first and largest transactions in the Greek non-performing loan (NPL) market and allows it to establish a first mover advantage in the country with the highest non-performing loan ratio in Europe.
This transaction also includes one of the very few servicing licenses in Greece, offering great potential for future transactions.
DDM Debt AB is a wholly owned subsidiary of DDM Holding AG (First North:DDM), a multinational investor in and manager of distressed assets.
((Comments on this story may be sent to firstname.lastname@example.org))
|Printer friendly Cite/link Email Feedback|
|Publication:||Nordic Business Report|
|Article Type:||Brief article|
|Date:||Aug 9, 2017|
|Previous Article:||GN Store Nord reports on share buyback programme.|
|Next Article:||Resurs Holding's EPS up by 10% in Q2 2017.|