From empty buildings to vibrant communities: How EOS transforms real estate-secured NPLs into lasting value

For more than 20 years, EOS has been active in the market for secured receivables as a servicer and purchaser. Initially launched in Germany and France, EOS has since made a name for itself as a buyer of real estate-secured non-performing loans in many other European markets, such as Bosnia and Herzegovina, Portugal, and Slovenia. Today, investments in secured receivables and real estate account for around 40 percent of the company’s portfolio. With the help of EOS, these properties can be given a new lease on life and returned to productive use. 

The process of acquiring secured debt is straightforward: EOS purchases the real estate-backed non-performing loans (NPLs) from banks, steps in as the new creditor or owner, and attempts to restructure the debt on the property. At the same time, EOS identifies opportunities to complete the property or put it back into use. 

“We look beyond immediate debt recovery. Our strength lies in understanding the financial situations of defaulting payers and creating solutions that offer them a path to long-term stability,” explains Luís Chavez, Managing Director of EOS Portugal.  This approach is illustrated by projects in Portugal, Slovenia and Bosnia and Herzegovina.

In Madeira, EOS in Portugal successfully restructured the receivables of a family-owned four-hotel chain. EOS had acquired a secured non-performing loan covering 66 percent of the hotel group’s total credit, while the remaining 34 percent was held by another bank. Fragmented ownership made a comprehensive solution nearly impossible. “The owner’s life’s work and the future of his family business were at risk,” Luís recalls. Recognizing the sensitivity of the case, EOS purchased the remaining loan share, bringing the entire loan under a single creditor and enabling direct, effective restructuring. In close consultation with the hotel owner, EOS identified an investor for three hotels, enabling a structured sale that generated critical liquidity. The owner regained financial stability and was able to keep the original hotel, which he had previously built from the ground up into a successful hospitality business.

In 2022, EOS in Slovenia acquired a portfolio of financially distressed shopping centers. “Understanding the specific needs of each local area is always the crucial first step. This necessitates thoughtful strategies such as repositioning retail spaces to cultivate greater local diversity and vibrancy,”  explains Siniša Nišavić, Director of Investment Management of EOS in Slovenia. One standout example from their portfolio is a shopping center where EOS co-located a major bank branch as a new tenant and redesigned the shopping center’s parking system to serve customers in an exclusive manner. The results were immediate: we gained more visitors to the center itself and visitors to the surrounding community support centers (primarily health center). “We are proud to be making a positive contribution to businesses and communities,” Siniša says with satisfaction.

Another inspiring example of how EOS makes a positive contribution to communities is the Gardens of Sun project in Sarajevo, Bosnia and Herzegovina: In early 2024, EOS in Bosnia purchased an apartment complex whose previous investor faced legal and financial difficulties. After resolving all pending legal matters in March 2025, the project finally gained momentum, and 52 out of a total of 75 apartments have been sold since then — primarily to young families.

“Initially, the project suffered from a long period of inactivity, with no progress for more than 10 years,” explains Elma Ocuz Hajdarević, Associate for Real Estate Marketing at EOS in Bosnia and Herzigovina. “When EOS took over and resolved all legal obstacles in March 2025, the turnaround began — and 52 out of 75 available units were sold shortly after. What was once a challenging prospect is now home to more than 53 families, creating a lively and fully revitalized neighborhood,” Elma concludes.