Alvarez & Marsal (A&M) advised Unión de Créditos Inmobiliarios (UCI) on the sale of its entire Greek operations, which included approximately €150 million of performing and non-performing residential mortgage exposures and an operating loan-servicing business managing assets for UCI and third parties. A coordinated three-buyer solution enabled UCI to complete its exit from the market.

Client Challenge

• UCI sought to complete a full exit from the Greek market. The remaining business combined performing and non-performing residential mortgage exposures with a live servicing platform managing assets for both UCI and third parties.
• This was more complex than a conventional portfolio sale. The three components appealed to different buyer groups, but their sales were interdependent and needed to be coordinated to achieve a complete market exit.
• The transaction structure needed to attract specialist buyers for each component while preserving transaction certainty and maximising value. Bids for individual components affected the allocation of the remaining assets, the continuity of servicing, and the sequencing of the wider exit.
• A&M was selected to design and execute an integrated process that could convert competing, asset-specific bids into a complete solution that sought to maximise value or execution certainty.

Solution and Approach

 The process needed to address six main requirements:

• Designing a transaction architecture that separated economically distinct assets while preserving a single executable exit
• Creating optional sub-perimeters that expanded bidder participation without leaving UCI with residual exposures
• Running parallel outreach to banks, credit investors, debt purchasers, and servicers, each with its own underwriting and diligence requirements
• Producing a consistent investor-ready diligence package across the loan and servicing perimeters, including remediation of data and documentation gaps
• Comparing bids across different perimeter combinations and identifying a complete solution on acceptable commercial terms
• Aligning consortium formation, transaction documents, closing conditions, and servicing migration across multiple acquirers

Structuring and Executing the Divestment

• A&M structured the divestment into two sale processes based on loan performance. One combined the performing loan portfolio with the servicing business, while the other covered the non-performing exposures. Further subdivisions by loan performance gave bidders more flexibility.
• A&M ran a two-phase competitive process that tested demand for each group of assets while preserving the ability to assemble complementary bids. The process was designed to maintain competition among bidders while keeping the individual sales aligned with UCI’s overall exit.
• A&M targeted Greece’s systemically important banks, international and local private equity investors, debt purchasers, and specialist servicers. The team prepared a tailored data set and virtual data room, remedied information gaps, and coordinated due diligence so bidders could assess each group of assets on a consistent basis.
• The team evaluated bids based on price, the assets included, and the likelihood of completion, then brought the preferred parties together into a three-buyer consortium. A&M supported the negotiation of commercial and contractual terms and coordinated the conditions needed for the sales to complete.
• A&M remained involved through closing, including the transfer of loan-servicing responsibilities. The completed transaction transferred the loan portfolios and servicing business to three buyers, enabling UCI to exit the Greek market.

Quote from the Client

"The completion of the Galene and Kyma transactions marks a significant milestone for UCI and reflects the outcome of a strategy carefully executed within a complex environment. We wish to thank all the teams involved for their professionalism, commitment, and collaborative spirit throughout the process. This transaction enables us to advance our strategic objectives and generate long-term value for all stakeholders. We appreciate the effort and dedication of all those involved, whose work was key to achieving a successful closing." – Philippe Laporte, Deputy CEO Group UCI

Quote from Alvarez & Marsal

“What differentiated A&M was the combination of broad technical expertise and a unified global team. We brought together specialists across asset classes, servicing, and complex transaction execution, with local support in every relevant jurisdiction. This gave UCI a real-time view of investor appetite and market dynamics, which we used to structure a competitive three-buyer solution that maximised value and delivered a full exit from the Greek market.” - Nahuel Callieri, Managing Director, Alvarez & Marsal