European soured loan sales 'to go on until 2021'
The biggest buyer of soured real-estate debt in Europe says disposals of non-performing loans from the region's banks and governments will continue until at least 2021.
Cerberus Capital Management, which acquired more bad loans in Europe, including from Ireland, than any of its peers in the past two years, expects the market to remain busy, said John Snow, inset, the private equity company's chairman and former US Treasury Secretary for President George W Bush.
The US private equity firm purchased €2bn of the debt last year, including mortgages from failed UK lender Northern Rock sold by the British government, according to Cushman & Wakefield.
"I expect that the opportunity to buy European NPLs will last at least another five years," said Mr Snow. (Bloomberg)