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Cerberus acquires Project Mermaid NPL from Denmark’s bad bank

Cerberus Capital Management has acquired a portfolio of non-performing loans from 360 separate borrowers, predominantly backed by commercial real estate in Denmark, from Finansiel Stabilitet, the country’s state-backed bad bank.
By James Wallace
December 11, 2014 | 6:13 P.M.

The nominal value of the loan portfolio, dubbed Project Mermaid, was DKK 7.5bn which equates to approximately 1bn, but the price paid was not disclosed.  Cerberus, who signed the contract in Copenhagen late last night, is now the largest investor in commercial real estate NPLs in Denmark.

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