UniCredit has signed the definitive agreement with Pimco (global asset manager), Gwm (real estate specialist) and Finance Roma (specialist in real estate credit management) for the sale of a real estate loan portfolio for a total value of 1,3 billion.
The agreement provides for the investors to take over the management of the portfolio, through their subsidiary Aurora Recovery Capital (AREC), with the aim of increasing efficiency in the management of medium and long-term real estate loans part of a selected portfolio.
“The platform – explains a note – will allow to increase the future value of the portfolio through proactive asset management, innovative solutions and new financial resources where necessary. At the moment, the transaction between UniCredit, Pimco, Gwm and Finance Roma does not involve the deconsolidation of credits for UniCredit; such a possibility is not excluded in the future”.
The transfer of credits to the vehicle is expected in two tranches in a short time: the first, for a total of over 864 million euro, is scheduled by 12 December.
The securitization transaction, in Sandokan code, was launched in 2015 and is part of the complex of asset efficiency operations and disposals , including the recent sale of Banca Pekao and the expected disposal of Pioneer. The group will take stock of all current and completed operations on Tuesday 13 December during the Investors Day in London.
