High Value Real Estate Sold by Snoras Bankruptcy Administrator
OREANDA-NEWS. December 11, 2013. The Bankruptcy Administrator of Snoras has started the process of selling high value foreclosed real estate.
The real estate portfolio comprises 14 properties and is valued at more than LTL 50 million. Revenues from the sold real estate will contribute to the funds available for payments to the Bank's creditors.
The 14 properties are to be offered in a Forced Auction and include land lots, functioning production facilities, residential housing, commercial projects and investment properties.
"The properties have been assessed by independent appraisers and are fully prepared for sale. We consider that the properties will be attractive to prospective purchasers, and the sale of these will realise a further significant amount for Snoras creditors. It is also an important message to the existing bank clients, emphasizing that it is essential to maintain repayments under loan contracts with Snoras bank because all accounts are thoroughly monitored and we will take recovery action where necessary", says Neil Cooper, the Bankruptcy Administrator of the Snoras bank.
According to Ramune Askiniene, Director of Department of Consulting and Valuation of Colliers, the company implementing the sale of the real estate, the majority of the properties for sale are in excellent urban locations - in the Old Town of Vilnius, Uzupis, Antakalnis, as well as in Palanga, in Basanaviciaus street, in Juodkrante by the sea. Among the properties there are two functioning production facilities located in Kelme and Salcininkai districts.
"We have already received initial interest from prospective buyers because the majority of the properties on sale are investment-oriented and highly attractive to real estate developers", says Askiniene.
Other assets available for sale
The properties on offer are in addition to the 156 pieces of foreclosed real estate already offered for sale by the Bank. This first portfolio was made available for sale in the summer and comprised of properties with a value less than LTL 1 million each.
The Bankruptcy Administrator is also in the process of starting the sale of another 19 properties that belonged to the Bank itself in Lithuania and abroad.
In addition to this, auctions of movable property are held each week, where furniture, computers and other items that belonged to Snoras are sold.
For details of the real estate and movable property objects on sale please visit the website www.snoras.com, and more information about the real estate property on sale can be found on the website www.colliers.lt.