Bracebridge Capital is expanding its presence in Greece’s distressed-debt and real-estate market, establishing a new property company as the U.S. investment manager builds on a series of acquisitions of nonperforming exposures from Greek banks and financial institutions.
The Boston-based investment firm has set up Dysart Finance A REOCO Single Member S.A. through Ireland-based Dysart Finance III Designated Activity Company. The new Greek entity was incorporated with initial share capital of €500,000 ($590,000), according to corporate filings.
The move gives Bracebridge another vehicle through which it can acquire, manage and dispose of real estate and other assets tied to distressed-credit investments in Greece. The company’s stated activities include the acquisition, development, management and sale of property and other assets in Greece and abroad, as well as property construction.
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Its corporate purpose also allows it to acquire claims arising from loans and credit facilities extended by financial institutions, linking the vehicle directly to the market for distressed debt and the collateral backing those exposures. Such structures, commonly known as REOCOs, or real-estate-owned companies, are typically used to hold and manage properties acquired through loan workouts, foreclosures or other recovery processes.
George Gilpin has been appointed chairman and chief executive of the new company, while Seth Robbins will serve as vice chairman. Georgios Tignis, head of Atlas Property Partners in Greece, also sits on the board.
Bracebridge has already emerged as an active investor in Greece’s market for nonperforming exposures, or NPEs, as the country’s banking system continues to work through portfolios accumulated during and after its decade-long debt crisis.
One of Bracebridge’s first major transactions in Greece was National Bank of Greece’s Frontier II securitization, involving roughly €1 billion of nonperforming exposures. Funds managed by Bracebridge acquired 95% of the mezzanine and junior notes issued in the transaction, giving the investor substantial exposure to recoveries from the underlying portfolio.
Bracebridge subsequently participated in Project Alphabet, a portfolio with a total book balance of about €4.8 billion sold by PQH, the institution responsible for winding down failed Greek banks and financial companies.
Its relationship with National Bank of Greece continued in 2025 with Frontier III, a securitization of roughly €700 million of nonperforming exposures. Bracebridge-managed funds again acquired 95% of the mezzanine and junior notes, while doValue Greece was appointed to service the portfolio.
