Prelios Credit Servicing, a Prelios Group company and leading player in the NPE sector for more than thirty years, is to act as Master and Special Servicer in connection with the Titan multioriginator securitization transaction completed on December 28 by Alba Leasing, Banco BPM and Release.
The portfolio consists of non-performing lease credits with an average size of about 500,000.00 euro for a GBV totaling approximately 335 million euro. More than 90% of the credits refer to real estate assets.
The securitization presents a senior tranche whose ratings and structural characteristics make it eligible for the approval and activation of the Italian State's GACS guarantee on the senior instruments, pursuant to legislative decree 18.2016. Issuance of the senior, mezzanine and junior instruments took place on December 28.
“The characteristics of the underlying lease assets make Titan an innovative transaction that strengthens Prelios Credit Servicing’s absolute leadership in GACS securitizations,” said Marco Monselesan, Director Portfolio Management & NPL Underwriting at Prelios Credit Servicing. “Titan takes the overall volume of new mandates acquired by us in 2020 to more than 3.9 billion euro. The portfolio servicing will be supported not only by Prelios Credit Servicing's solid track record in credit management, but also by the integrated asset management and property services platform that makes the Prelios Group a unique player on the Italian market.”