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The Atlante II Fund has signed an agreement to purchase Euro 343 million of Cariferrara's impaired loans
Quaestio Capital Management SGR has today approved the signing of an agreement, on behalf of the Atlante II Fund, for the purchase of the portfolio of Euro 343 million of impaired loans held by Nuova Cassa di Risparmio di Ferrara S.p.A., the entity which arose following the resolution of the previous Cassa di Risparmio di Ferrara in November 2015. This transaction, which will be concluded by 30 June of this year with the fund subscribing to securities, will enable the bank to be sold to BPER, as in the case of the sale of the other three good banks to UBI, and make it possible for another of the Italian banking system’s critical situations to be resolved.
The portfolio, comprising unlikely to pay loans and non performing loans, consists of approximately 48% of receivables secured on real estate and 52% of unsecured balances, and also includes receivables arising from lease agreements. The average price being paid for the loans is approximately 19% of their gross book value.
As in other cases Quaestio reserves the right to syndicate its investment to other investors.
The due diligence and the valuation of the portfolio were performed by Credito Fondiario which will also act as the master servicer. Selection is currently taking place of the special servicers who will be chosen from leading operators in the loan recovery sector. Quaestio determines the subdivision and allocation of the roles on the basis of competitive procedures in order to protect the interests of its investors and contribute to the creation of an NPL market in Italy that is open to competition and efficient.
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The information in this document is given for information purposes only and does not qualify as investment advice. Opinions and assessments contained in this document may change and reflect the point of view of Quaestio Capital SGR S.p.A. in the current economic environment and might change.
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