BCMGlobal announces the closing of its third 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 €42 million, through the securitization vehicle Wings One SPE S.r.l.
For this partnership, which focuses on real estate backed NPLs and UTPs, this purchase is another key milestone in its target of investing up to €100 million equity in secured NPEs in the short-medium term. This latest acquisition by the BCMGlobal – Albatris – Three Line Capital joint venture indicates the Group’s success in serving the Italian market, as they are now approaching €100 million in GBV acquired from multiple sellers in a period of less than 12 months.
BCMGlobal has acted as advisor throughout the acquisition process, assisting the partners from the origination and underwriting of the opportunity, to the deal execution and closing. BCMGlobal is also the Special Servicer for the securitization, with 130 Servicing as Master Servicer and Corporate Servicer, Calculation Agent and Representative of the Noteholders.
The investors were assisted by Legance – Avvocati Associati in relation to the transaction documents and by CBA Studio Legale e Tributario on legal due diligence. Avalon provided the valuations of the real estate collateral assets of the NPL portfolio.
Simon Fitness, Chief Executive Officer of BCMGlobal Ireland and Italy said:
“This is our third such investment in the past 10 months and represents another important milestone for the Italian business. Our investment & advisory team continue to source opportunities from within the very active secondary 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 third co-investment further demonstrates our commitment to the Italian market”.
Arash Talebinejad, Managing Partner of Albatris commented:
“This transaction complements our existing investment in Southern Europe. Italy is one of our key markets and we remain committed to further investments in the Italian credit market in collaboration with BCMGlobal and Three Line.”
“This latest acquisition underscores our commitment to our European NPL business. The Three Line Capital, Albatris and BCMGlobal partnership has proven its success in in the Italy NPL markets, and we anticipate additional portfolio acquisitions in calendar year 2023” said Benjamin Bornstein, Partner at Three Line.
BCMGlobal announces the closing of its second 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 a secured non-performing loan portfolio from an Italian GACS securitization managed by doValue S.p.A. through the securitization vehicle Wings One SPE S.r.l.. This partnership, which focuses on real estate backed NPLs and UTPs (Unlikely-To-Pay), aims to invest up to €100 million 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 the 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. 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:
“In the last 5 years we have enhanced our proposition and reputation as a special server and real estate asset manager, and this second co-investment further strengthens our commitment in the Italian market.
Following the strong performance of our first co-investment in 2022, we were keen to explore further opportunities to invest. This deal concluded with a leading counterpart such as doValue builds on our experience and expertise in Italy, optimising returns on NPL and UTP secured loans through proactive loan management and utilising our real estate team to support auction facilitation and value-add activities.”
“There remain substantial opportunities in the Italian NPE primary and secondary markets, and we look forward to identifying them as we continue to grow our presence in the industry.”
Paolo Petrignani, Managing Director of Albatris commented
“The acquisition demonstrates our ability to complete complex transactions during challenging market conditions. We look forward to continuing to capitalize on asset backed credit opportunities and special situations in the Italian market together with BCMGlobal and Three Line Capital.”
“This new acquisition confirms the success of our European NPL strategy. By working in concert with Albatris and BCMGlobal, we have been able to establish an ongoing presence in the Italy NPL markets. We look forward to making further investments in 2023 and beyond”
said Benjamin Bornstein, Partner at Three Line.
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.
