Project Samba is comprised of:
- a €150m tranche of secured performing loans and non-performing loans, secured by 300 individual claims to 205 borrowers; and
- a €80m tranche of 150 unsecured claims.
The secured loan pool tranche is comprised of €100m in performing loans and €50m in non-performing loans, including €17m in interest and costs past due.
All loans are below €2m. Around €84m of loans in the performing tranche are comprised of outstanding loan exposures of between €1m and €2m.
The underlying properties in the secured loan pool contains around 240 real estate asset, comprised of approximatley 65%, or 156, residential; 20%, or 48, retail, hotel, nursery home, offices; and 15%, or 36, approximately industrial and land.
By geography, the underlying portfolio is spread across the Germany with a slight concentration inWestern and Central-Eastern Germany.
Borrowers include private individuals, partnerships, property companies and developers.
Project Samba is the second loan portfolio brought to market by FMS Wertmanagement after the much larger and high profile €740m Project Gaudi, which traded to Oaktree Capital Management for €260m.
Oaktree lined up the back bid sale of the 1.35m sq ft Megapark Barakaldo shopping centre in Bilbao in a back to back bid for just north of €150m to Grupo Lar and the removal of two loans prior to closure.
FMS Wertmanagement, spun out of Hypo Real Estate in 2010 as the nationalised bad bank, has reduced its commercial real estate loan book by €18.6bn to €8.6bn over the four years and three months to the end of 2014.
Of this remaining €8.6bn, FMS Wertmanagement has around €500m in loans secured by commercial properties in the Netherlands and circa €300m secured by Italian commercial properties.
CoStar News was first to break the story that FMS Wertmanagement was selling Project Gaudi, then reported on the finalists, then was first to report on the winner and finally the closure of the deal and back bid sale.
All parties declined to comment.