The firm has gained prominence in Greece due to its acquisition of loan portfolios from PQH, a Greek entity responsible for liquidating assets from several failed banks, including Agricultural Bank of Greece, Hellenic Postbank, Probank, Panellinia Bank, FBB Bank, and Proton Bank.
One of the most significant acquisitions was the Alphabet secured corporate loan portfolio, which Bracebridge Capital, alongside investment firms Fortress and Bain, acquired on exceptionally favorable terms.
This deal attracted attention both in Greece and internationally. The portfolio’s claims were transferred to Dysart Finance I DAC, an Irish entity under Bracebridge Capital’s control.
To manage these loans, doValue Greece, the Greek subsidiary of Italy’s doValue S.p.A., was selected as the servicer under an agreement finalized in early 2025. The portfolio consists of 13,000 loans tied to 7,000 borrowers, secured by assets valued at €3.1 billion. Lender claims related to these loans amount to €7.1 billion. Under the terms of the deal, doValue Greece will oversee loans totaling €2.3 billion, of which €2.1 billion belong to the Alphabet portfolio.
As part of the servicing contract, doValue Greece paid Bracebridge Capital an initial fee of €2.4 million and committed to an additional €4.8 million over four years, provided certain performance conditions are met.
This deal significantly strengthens doValue Greece’s position in the Greek distressed loan market, aligning with its goal of managing €8 billion in new loans by 2025.
By early 2025, the company had already taken on €5.4 billion in loans, covering nearly 70% of its annual target.
Bracebridge Capital has continued its expansion in Greece with the recent acquisition of Project Frontier III, a €700 million portfolio of non-performing loans (NPLs) from the National Bank of Greece (NBG).
The transaction, set to close in the second quarter of 2025, will once again be serviced by doValue Greece. The financial terms of this deal have not yet been disclosed.
In a further move to solidify its foothold in Greece, Bracebridge Capital has launched a new entity, Dysart Finance II Reoco S.A. This firm will focus on acquiring and managing loan claims and credit portfolios, operating under Greece’s financial regulations, including Law 5072/2023.
Dysart Finance II Reoco’s core business activities include real estate acquisition, development, and asset management, alongside financial transactions and investment operations.
According to its corporate charter, the company will engage in purchasing, leasing, selling, and developing properties, with a scope that extends beyond Greece to international markets.
Additionally, the entity has the authority to invest in various assets, acquire stakes in other companies, and participate in financial transactions.
The firm was established with an initial share capital of €500,000, and its board includes executives from Bracebridge Capital, as well as George Tingis, a Cypriot executive and CEO of Atlas Property Partners, who has served on the boards of several Greek real estate investment firms, including Trastor.
