Nord/LB has completed the sale of a EUR 2.6 billion shipping loan portfolio.
An affiliate of global alternative investment manager Cerberus Capital Management took over the portfolio, which comprises of a total of 263 ships with a non-performing loan (NPL) portion of some 90%.
The transaction was closed on April 9, in accordance with the signing of the purchase agreement in February 2019. The parties agreed to maintain confidentiality about the terms of the transaction.
Upon completion of the sale, the bank’s NPL portfolio, which amounted to EUR 7.5 billion at the end of 2018, was reduced to around EUR 4.9 billion.