SOREC completes new NPL portfolio purchase on the primary market through the BlinkS platform

SOREC S.r.l., an independent servicer active in judicial and extra-judicial debt recovery, has acquired a portfolio of unsecured credits for an overall gross value of approximately 25 million euro. The portfolio consists of more than 2,000 positions, originating from a leading bank. SOREC conducted the transaction as an investor and special servicer of the DOLOMITI S.P.E. securitization company.

The NPL portfolio was purchased on BlinkS, the digital non-performing loan marketplace developed and managed by the Prelios Group. Collection operations will be managed directly from SOREC's operating platform.

SOREC operates in judicial and extra-judicial debt recovery, largely for financial and bank lenders, and this year celebrates 30 years of activity,” said SOREC CEO Massimiliano Ingrosso. “Our aim with this acquisition on the primary market is to give continuity to a path we have been following since 2015 where we have been involved in a number of purchases on the secondary market, both as investors and as co-investors with other strategic partners. This has led us to manage a portfolio now worth almost 1 billion euro.”

Prelios Innovation CEO Gabriella Breno said: “We are delighted that this transaction on BlinkS has been completed. The buyer of the portfolio is an associate of UNIREC, Italy's national union of credit management service providers, with which BlinkS has a strategic partnership agreement. 2021 has got off to a very good start for our digital marketplace, which already has a published GBV of over 180 Million euro and commenced collaboration with more than ten new banks since the beginning of the year.”