At the start "Sandokan 2”, continuation and implementation of the Sandokan program launched in 2016 on real estate loans, which provides for the assignment of loans up to 2 billion euros in gross nominal value.
unicredit, Pimco, GWM and Aurora Recovery Capital (AREC) have signed an agreement which provides that the management and special servicing activities associated with the Sandokan 2 portfolio will be handled by Aurora Recovery Capital (AREC), a special servicer participated by Finance Roma, GWM and PIMCO. The aim is to optimize the effectiveness of the management of medium and long-term real estate loans. The agreement also aims to sterilize the risks connected to the selected loans and to generate a potential economic benefit thanks to the development of the assets guaranteeing the assigned loans.
“The co-investment operation – reads the note from Unicredit – enters today in its operational phase, after the success and good performance of the first Sandokan project (approximately 1,3 billion euro of loans secured by real estate assets, signed on 9 December 2016)".
"The platform - underlines the note - will help to increase the future value of loans through proactive asset management, the adoption of innovative solutions and the disbursement of new loans, when and where necessary".
The bank in Piazza Gae Aulenti specifies that, for the moment, the operation will not lead to the deconsolidation of the portfolio, even if this possibility "is not excluded in the future".
Going into the details, the credits will be transferred to more subsequent tranches, the first of which will start in mid-June 2019, to Yanez SPV, the securitization vehicle of the Sandokan programme.
