BCMGlobal announces the closing of its fourth investment in the Italian market in partnership with a group of leading international institutional investors including Swedish Albatris in a joint venture with U.S. based Three Line Capital.
The partners have purchased from an international institutional investor, a secured non-performing loan portfolio with a total GBV of about €95 million, through the securitization vehicle Wings One SPE S.r.l..
This latest acquisition by the BCMGlobal – Albatris – Three Line Capital joint venture indicates the Group’s success in the Italian NPE market, as they are now approaching €200 million in GBV acquired from multiple sellers in a period of 18 months.
This partnership will continue to focus and remain highly active pursuing opportunities in real estate backed NPLs (Non-Performing Loans), UTPs (Unlikely to pay), and Real Estate Investments and continue to execute on its investment program in secured NPEs (Non-Performing Exposures) in the short-medium term.
BCMGlobal has acted as advisor throughout the acquisition process, assisting the partners from the origination and underwriting of the opportunity, to the deal execution. BCMGlobal is also appointed as Special Servicer for the securitization, with 130 Servicing as Master Servicer and Corporate Servicer, Calculation Agent, and Representative of the Noteholders.
Legal support to the investors in relation to the transaction documents has been provided by Legance – Avvocati Associati.
Simon Fitness, Chief Executive Officer of BCMGlobal Ireland and Italy said:
“This, our fourth such investment completed within 18 months of our first, represents another important milestone for the Italian business. Our investment & advisory team are actively sourcing opportunities from within the now prominentsecondary market in Italy.
Since 2018 we have enhanced and evolved our proposition and reputation as a special server and real estate asset manager, and this fourth co-investment further strengthens our commitment in the Italian market.”
Paolo Petrignani, Managing Director of Albatris commented:
“Italy remains one of our core markets and we continue to see attractive investment opportunities in the stressed and distressed credit space with a good fit to our investment program supported by our partners BCMGlobal and Three Line Capital its targeting to acquire closer to €1bn GBV over coming years.”
Benjamin Bornstein, Partner at Three Line commented:
“This new acquisition continues the success of our European NPL strategy. By working in concert with Albatris and BCMGlobal, since early 2022 we have been able to establish an ongoing presence in the Italian NPL markets. We look forward to making further investments in 2024 and beyond”
About BCMGlobal
BCMGlobal is a leading European independent loan and asset management service provider.
We have multijurisdictional expertise with operations in Italy, Ireland, the UK, and the Netherlands.
We deliver a range of core services including loan management, bank outsourcing, origination, and real estate asset management. We support our clients at all stages of the debt life cycle from origination and advisory services through to asset management across multiple debt classes: performing, non-performing (NPL) and unlikely-to-pay (UTP) loans.
In Italy, BCMGlobal is one of the few special servicers that has developed an in-house real estate team entirely dedicated to the management of real estate assets securing NPL and UTP loans, with a strong track-record in real estate development projects repossessed through REOCOs (Real Estate Operating Company). For more information, visit www.bcmglobal.com/countries/italy
About Albatris
Albatris (www.albatris.com) is an alternative investment firm headquartered in Stockholm, focusing on innovative and tailored credit investments across the spectrum of credit strategies, including distressed debt and non-performing loans. The team has more than 30 years of industry expertise, invested more than €10 billion across all major European markets.
About Three Line Capital
Three Line Capital, LLC (www.threelinecapital.com) is a New York based opportunistic investor focused on smaller and medium sized credit and credit-like situations often overlooked by market participants. The firm’s principals, with more than 60 years of collective experience in alternative credit investing, across multiple investment vehicles, and in partnership with long-term capital relationships, have acquired, invested, and managed over $5 billion in portfolios of non-performing, sub-performing and performing loans and leases (illiquid, semi-liquid and liquid) across North America, Europe, and Asia.
