Back2Bonis, the first multi-originator UTP real estate credit fund in Italy, reaches approximately €1 billion loans under management, confirming its target of €1.5 billion by the end of 2021
AMCO acts as Master and Special Servicer and Prelios Group is its real estate partner and fund manager through Prelios SGR
The Cuvée project, operating through an innovative multi-originator platform managing UTP (Unlikely to Pay) loans in the real estate sector, further expands its assets under management thanks to a €52 million contribution from BPER Banca.
The group of participating banks thus expands, and the total amount of loans under management rises to €971 million, confirming its leadership in the Italian market.
The Back2Bonis Fund is one of the most important credit funds specialized in Unlikely to Pay real estate loans in Europe. Within the platform, AMCO acts as Master and Special Servicer and Prelios Group as Fund Operator, Real Estate Partner and Special Servicer for management of credits with underlying real estate leases.
The target of the Back2Bonis Fund, set up at the end of 2019, is to reach a portfolio of about €1.5 billion in assets under management through further contributions from the Fund’s shareholders, including Intesa Sanpaolo, UniCredit Leasing, Banco Desio, Banca Monte dei Paschi di Siena, MPS Capital Services, UBI Banca, AMCO and Banco BPM, as well as the new entrant BPER Banca.
The Fund allows participants to benefit from the potential recovery of the files’ value through the valuation of the shares held in the fund itself. It also facilitates the turnaround process for debtor companies, with new financing from the Fund allowing a proactive management of credits and the underlying assets.
AMCO has once again demonstrated its ability to lead multi-origination structures in a process aimed at promoting the industrial re-launch of the country’s economy, putting resources back in circulation to support the recovery.
With this transaction AMCO and Prelios Group confirm their development capabilities in impaired loans management, offering flexible and innovative solutions that allow banks to enhance the value of their credit exposures as well as to facilitate corporates’ turnaround.
Prelios SGR confirms its leadership in managed savings in Italy, offering innovative products ranging from real estate funds to credit funds and advanced structures such as multi-sector SICAFs (fixed-capital investment companies) and funds dedicated to impact investing projects. Prelios Group also combines, integrates and reinforces specific know-how in the real estate sector with UTP credit management to create synergies and improve the possibility of credit recovery.