Attestor Capital-managed fund wins FGH Bank’s Project River NPL

Attestor Capital, on behalf of Trinity Investments Limited, has acquired a portfolio of defaulted loans, dubbed Project River, from FGH Bank for around €150m secured by a portfolio of offices in the Netherlands formerly managed by Wölbern Invest.

The story was reported earlier this lunchtime by Debtwire, which also reported that the largest single property was RBS’s former Dutch headquarters in Amsterdam, at Paasheuvelweg 25, which is now vacant.  

CoStar News understands that underbidders included Fortress Investment Group and Davidson Kempner.

Project River, which was sold by PricewaterhouseCoopers, has an unpaid balance of circa €250m.

The legacy owner was a fund managed by Wölbern Invest, which was founded by Heinrich Schulte, who was convicted of embezzlement of €147m from more than 30,000 investors in his company’s funds. Later, €31m was repaid leaving €115m unaccounted for.

In April, Schulte, a medical professor and physician, was sentenced to eight and a half years in prison.

All parties declined to comment.

About CoStar News

Finance Editor, CoStar News
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