Real estate lender Mount Street has bought a contract to manage a €29 billion portfolio of bad debt originated by German savings bank West LB prior to the 2008 credit crisis.
The contract, won at auction, involves Mount Street buying EAA Portfolio Advisers (EPA) which has managed West LB's problem debt since November 2009. West LB was liquidated in 2011. A Mount Street spokesman declined to confirm the terms of its deal, which was announced in a November 13 statement.
