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TZA, Dentons, and Dinulescu & Maxim Advise on APS Holdings’ Acquisitions of Massive NPL Portfolios

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Dentons structured the transaction and Tuca Zbarcea & Asociatii provided legal advice to APS Holdings on the acquisition of the first of two Romanian portfolios of non-performing loans (NPL) with a nominal value of EUR 1.33 billion, while Dentons, Dinulescu & Maxim, and Savin & Asociatii advised APS Holdings on the acquisition of the second.

According to APS, the first portfolio includes secured and unsecured corporate and SME loans, with the secured positions held against mostly residential, commercial and industrial property. The nominal value of the first portfolio exceeds EUR 1.07 million. The portfolio was acquired from an unnamed bank, described only as “a major international bank active on Romanian market.” Investors include the IFC, APS, and other global institutional investors. APS describes the transaction as "the largest ever of its type in the South Eastern Europe region.” 

The second portfolio — acquired from Intesa Sanpaolo Bank Romania — has a nominal value exceeding EUR 261 million. The portfolio includes secured and unsecured corporate loans and secured and unsecured retail loans, with the secured positions held against mostly residential, commercial, and industrial property. The investor is an APS Delta securitization vehicle representing APS Holding supported by other institutional investors, such as AnaCap Financial Partners.

Both portfolios will be serviced by APS with the help of Homeland Properties for Real Estates.

The acquisitions add to APS’s existing advised credit funds, which includes 75 NPL portfolios with a total nominal value above EUR 4.5 billion.

Martin Machon, CEO of APS Holding, commented that: “We are pleased to have successfully completed acquisitions of these landmark transactions and improved our outstanding position in the South Eastern Europe market. Our previous acquisitions in the region provided us with valuable experience in the segment of corporate and retail distressed debts. We also value cooperation with our long term investment partners across the region.”

The Tuca Zbarcea & Asociatii team consisted of Partner Mihai Dudoiu and Managing Associate Gabriela Anton.

The Dentons team included CEE-based Partner Takura Kawai, as the lead relationship partner, Partners Mathilde Lattard and Frederic Feyten from Luxembourg, who advised on structuring, and Partner Jiri Tomola from Prague, who advised on Czech legal aspects.

The Dinulescu & Maxim team consisted of Marius Maxim and Roxana Dinulescu. 

Savin & Asociatii did not reply to our inquiries on the matter.

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