Executives from both banks and loan servicers informed NPL Confidential that they were in complete surprise with the British fund’s decision to divest in less than seven months from formally acquiring the Pillarstone loans. Asked to comment on the reasons for the divestment, the same sources said that the only possible explanation can be given for the change in strategy is the arrival of the coronavirus pandemic.
Following Pillarstone’s intention to withdraw from the Greek market, exclusive negotiations with the British fund were held for it to undertake the completion of the commercial group’s restructuring plan.
M&G is an investment manager in the UK and internationally and is an autonomous branch of the Prudential group, with its own retail and institutional asset management, and acts as Prudential’s asset manager in Europe. M&G also manages more internal assets within the private financial sector, such as Structured Products (including CDOs), Leveraged Finance, Project and Infrastructure Financing. At the same time, the company is one of the largest investors in the real estate market. It has also made investments in Greece, through Grivalia Hospitality.