Cuvée, the innovative multi-originator platform managing UTP (Unlikely to Pay) loans in the real estate sector, further expands its assets under management thanks to a €124 million contribution from Iccrea Banca, CRA Binasco and another leading Italian banking institution to the Back2Bonis Fund.
The total amount of loans under management thus reaches more than €1,1 billion, confirming the leading position in the Italian market.
The Back2Bonis Fund is the first credit fund specialized in Unlikely to Pay real estate loans in Italy and one of the most important in Europe. Within Cuvée platform, AMCO acts as Master and Special Servicer and Prelios Group as Fund Operator, Real Estate Partner and Special Servicer for management of loans with underlying real estate leases.
The Back2Bonis Fund, set up at the end of 2019, has received 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, Banco BPM, BPER Banca as well as the new entrants Iccrea Banca and CRA Binasco.
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 loans and the underlying assets.
AMCO demonstrates once again 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.