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npl-reo Market News: Spanish Real Estate Intelligence

Guber Banca and Barclays acquired an NPL portfolio from Banca Valsabbina for 150 million
08 January, Bebeez Guber Banca and Barclays Bank adjudicated the NPL portfolio of Banca Valsabbina for a nominal value of 150 million as in June 2018. The portfolio includes secured and unsecured loans, and it will be acquired through securitisation. The special purpose vehicle will issue untranched securities which will be purchased by Guber Banca and Barclays Bank. The operation includes over 1,300 holdings, 30% of which are secured, 70% are unsecured and mainly located in northern Italy, concentrating in Lombardy, especially in the province of Brescia. Guber Banca will take care of the servicing activity. Freshfield Bruckhaus Deringer was the legal advisor for the buyer. This is the second operation of the partnership of Guber and Barclays after the transaction completed last July together with Värde Partners concerning an NPL portfolio originated from 53 credit unions, rural banks and cooperative banks for a total gross value of 1.397 billion euro. Besides, Värde has held 33.3% of Guber Banca since March 2017, while the remainder of the capital is held by the founders Francesco Guarneri and Gianluigi Bertini. In December 2018, Guber Banca bought from UniCredit Leasing an NPL portfolio worth approximately 170 million euro with underlying leasing contracts under the Italian Law. Managing NPLs for about 9 billion between on its own and on behalf of third-parties, Guber Banca places fifth in the servicer chart in terms of volumes of managed NPs, as reported by PwC based on the figures dated 30th June 2018. The average ticket of the credits in the portfolio was 60 thousand euro at the time, mainly represented by unsecured credits (80%). Source: Bebeez Translator: Cristina Ambrosi
 
Start of the year with a sprint for the NPL market
08 January, Milano Finanza The NPL market started the year with a sprint. Guber Banca together with Barclays obtained an NPL portfolio from Banca Valsabbina for a nominal value of approximately 150 million euro. In December, Illimity (Spaxs group) completed the acquisition of new non-performing loans for a total nominal value of about 175 million euro. Here as follows the two operations in detail. Guber Banca with Barclays Bank Plc got an NPL portfolio from Banca Valsabbina for a gross book value of 150 million euro as on 30th June 2018. The portfolio including secured and unsecured loans will be acquired through a special purpose vehicle for its securitisation. Meanwhile, it will issue untranched securities which will be underwritten by Guber Banca and Barclays Bank. As a memo reads, “The operation includes 1,300 holdings, 30% of which are secured and 70% are unsecured, mainly located in the north of Italy, especially in Lombardy, in the province of Brescia. Guber Banca will take care of the servicing.  Freshfield Bruckhaus Deringer was the legal advisor for the buyers. In December, Illimity (Spaxs group) completed the acquisition of new non-performing loans for a total nominal value of about 175 million euro. With this operation, the total nominal value of the NPL portfolio held by the bank reached 1.5 billion. The NPLs originate from various small and medium banks. 85% of the portfolio is composed of unsecured loans with an average value of 100 thousand euro per share. Moreover, the bank also completed its first transaction in the NPL single-name segment for an amount of 25 million. The transaction consists of five NPL holdings towards corporate debtors and banked by industrial and commercial assets located in Lombardy. The operation concerned a bank mainly operating in northern Italy. “We’ve built a strong team with highly-skilled professionals. We see interesting business opportunities in all the area where we’re active: NPL portfolio and single-name acquisitions, secured and unsecured loans, NPL financing and servicing, with particular attention on the NPL corporate segment. Besides the NPL portfolio acquisitions and the financing activities carried out in the last few months of 2018, with this operation we’ve started also operating in the single-name segment, which offers many investment opportunities and is still a relatively new market”, commented Andrea Clamer, head for the NPL division of the new bank. Source: Milano Finanza Translator: Cristina Ambrosi