21 June 2022
BCMGlobal today announces the launch of a partnership in Italy with a group of leading international institutional investors including Swedish Albatris in joint venture with U.S. based Three Line Capital. BCMGlobal has co-invested into the securitization from Wings One SPE S.r.l.
This newly launched partnership has completed a first investment in the Italian market by purchasing a secured non-performing loan (NPL) portfolio from a major European financial institution. The partner investors aim to invest up to €100 million in secured NPEs (Non-Performing Exposures) in the short-medium term, focusing on real estate backed NPLs and UTPs (Unlikely-To-Pay).
BCMGlobal has acted as advisor throughout the acquisition process, assisting the partners from the origination of the opportunity, the underwriting and deal execution. BCMGlobal has also been appointed as Special Servicer for the securitization, with 130 Servicing as Master Servicer and Corporate Servicer. In the context of the securitisation transaction, 130 Servicing will also assume the roles of Calculation Agent and Representative of the Noteholders.
Legal support to the investors in relation to the structuring and implementation of the securitization and the co-investment arrangements has been provided by Legance – Avvocati Associati. With reference to the transaction documents, further legal assistance has been provided by Allen & Overy to BCMGlobal. The valuations of the real estate collateral assets of the NPL portfolio have been provided by Avalon.
Simon Fitness, Chief Executive of BCMGlobal Ireland and Italy said, “Over the last five years, we have built a strong reputation as a special servicer and real estate asset manager in Italy. This new partnership demonstrates our continued commitment to the Italian market and the confidence leading international institutional investors have in us to deliver.
“The complexity of the work we undertake on NPL and UTP workout activity together with real estate asset management are much in demand, and the opportunity to establish a long-term relationship with Albatris is a fantastic next step in our growth journey.”
“We are pleased to have completed this milestone acquisition. We believe it will pave the way for other purchases of credit portfolios,” said Paolo Petrignani, Managing Director of Albatris “Italy is one of our key markets and we remain committed to further investments.”
Arash Talebinejad, Managing Partner of Albatris commented: “The transaction is accretive to our credit strategy, as we continue to further capitalize on our strong pipeline of attractive investment opportunities. We look forward to continuing working closely with BCMGlobal to expand further our footprint and provide tailored asset backed credit solutions for prominent financial institutions across the European markets.”
“We are very excited to partner with Albatris on this maiden investment in Italy” said Benjamin Bornstein, Partner at Three Line. “Our years of experience in creating and leading joint venture partnerships allowed us to pursue this opportunity with Albatris and BCMGlobal, and we expect to build on this first acquisition.