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German bad bank EAA puts STG 550m portfolio of UK residential mortgages on the block
German ‘bad bank’ Erste Abwicklungsanstalt (EAA) has put UK mortgage lender and servicer Basinghall Finance PLC (Basinghall) up for sale via a process led by Cohen & Company.
EAA, which owns 100% of the equity in Basinghall, wants to dispose of all its interests in Basinghall, either by way of a share sale or disposal of assets, which comprise c.STG 550m (face value) of first-ranking residential mortgages in England and Wales.
EAA was established in December 2009 to take over and wind up WestLB’s assets and risk exposures. EAA took over its first portfolio with a face value of EUR 77.5bn in 2009/10 and a second with a face value of approx. EUR 100bn in August 2012 as part of the restructuring of WestLB ordered by the EU Commission. As a result of that restructuring WestLB AG ceased to be a bank in July 2012 and has since operated as a global provider of portfolio management services under the name of Portigon AG.
Parties wishing to submit an expression of interest for the Basinghall portfolio must register it, along with details of secured financing, ability to conclude the transaction and regulatory/ competition approvals, with:
Cohen & Company Financial Limited
Telephone: +44 (0)203 540 6000
Email: basinghall@cohenandcompany.com
EAA will assess the expressions of interest and those parties invited to participate in the sale process will then be asked to sign a NDA to receive further information on Basinghall, which will be made available from 6 February. Initial indications of interest are due 5 March 2014.
http://www.cohenandcompany.com/german-bad-bank-eaa-puts-stg-550m-portfolio-of-uk-residential-mortgages-on-the-block/