Forty-four real estate loans transferred to Attestor

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ABN AMRO has signed an agreement with investment company Cumberland for the sale of 44 real estate loans with a total nominal value of more than EUR 100 million. Cumberland has appointed Attestor Capital LLP (Attestor) to manage the loans.

The transaction follows up on a previous transaction with the same buyer, which also involved real estate loans. The loans in question have been handled by ABN AMRO’s Financial Restructuring & Recovery department for an average of five years. This department explores possibilities for finding a permanent solution for clients. Despite these efforts, no solutions were found for these clients.

Ninety per cent of these real estate loans had already been transferred to the bank’s foreclosures team. In three-quarters of these cases, the loan was cancelled. ABN AMRO has decided not to continue handling these loans and any foreclosure proceedings relating to the mortgaged property. Instead, the loans are being transferred to a separate legal entity and sold.

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