Engel & Völkers Investment Consulting (EVIC) has brokered 96 residential units for the real estate company Coreo AG as part of a compulsory auction with a prior guarantee to submit a bid of a certain amount. The residential complex is located in Bad Köstritz in the state of Thuringia. The seller and holder of the land charge is an Anglo-American NPL fund.
EVIC has been acting as a consultant and broker for non-performing loan receivables (NPLs) since early 2016. Its mandates include the sale of properties and NPLs via Engel & Völkers' Germany-wide brokerage network. The company became a sponsor member of the BKS at the start of the year. The BKS represents the interests of its members involved in credit trading and servicing in Germany. At the General Meeting of the BKS in mid-May, Thorsten Brogt was elected to the Steering Committee as a committee member.
Thorsten Brogt, member of management responsible for Distressed Debt / Opportunity Real Estate Funds at EVIC said: "We are delighted to have successfully brokered another NPL transaction in spite of the difficult market environment in Germany. The availability of non-performing loans in Germany is currently at an extremely low level. This is confirmed by a recent survey by the German Federal Association of Loan Purchase and Servicing (BKS) that reflects the mood among sellers of NPL portfolios. According to the NPL barometer, more than two-thirds of market participants expect the volume of non-performing residential real estate loan receivables to decline or remain unchanged over the next six months."
