Tagor, the residential development company, has established Tagor Asset Management for the purpose of acquiring distressed assets. TAM will purchase toxic real estate assets and non-performing loans from banks, says Ofer Lieberson, owner Tagor said TAM Asset Management. It will do this in partnership with Patron Capital and other funds. The total volume of bad loans to households and firms in Romania is estimated at €10bn, forcing banks to make costly provisions and guarantees.
