In accordance with a recommendation of the Consultant Selection Commission the joint stock company Reverta has concluded an agreement with LLC KMPG Baltics on provision of consultations in the process of sales of Reverta credit portfolios and real estate portfolios. The work on the assessment of opportunities for sales of Reverta portfolios and organization of sales process will be commenced immediately.
During the selection process, proposals submitted by four applicants were examined and, after a detailed assessment, the Commission recognized the proposal of KPMG Baltics as the economically most beneficial option. The Commission was composed by representatives of the State Treasury, Reverta and LLC Hiponia, and was managed by the Chairman of the Board of SJSC Privatizācijas aģentūra Vladimirs Loginovs. The Consultant Selection Commission was established in accordance with the decision of the Cabinet of Ministers on selection of a consultant for organization of sales process of credit portfolios and real estate portfolios of Reverta and Hiponia.
The requirements determined for applicants involved experience in sales of problematic asset and real estate portfolios in Central and Eastern Europe, moreover, the value of portfolios had to be at least 50 million euros. Applicants could receive additional points for successfully completed sales transactions of problematic assets and real estate in the Baltics.
The agreement concluded with KPMG Baltics on organization of sales process of credit portfolios and real estate portfolios provides for fixed and success remuneration, which will be paid after full execution of sales transactions. A precise amount of remuneration will be known after completion of transactions.
Additional information:
The activities of the joint stock company Reverta are focused in three main directions: loan restructuring, debt recovery, and real estate management and sales. From 1 August 2010 to 30 June 2016, Reverta has recovered 704.3 million euros from the development and sales of problematic assets, which constitutes 63% of all problematic assets left in Reverta.
According to the EC approved Restructuring Plan for Parex Bank, the operation of Reverta is terminated at the end of 2017. Reverta has to complete the development of its portfolio and close all operations by the end of this term.
For more information contact:
Marita Ozoliņa
Head of the Communications and Marketing Department
Phone 67779142 or 29287169
E-mail: marita.ozolina@reverta.lv