21 November, Citywire
UniCredit has launched the Sandokan 2 operation for bad loans worth 3 billion euro. The credits are mainly backed by real estate assets and development projects. The partners are the same as those of Sandokan 1, as reported by Il Sole 24 Ore.
Therefore, the players involved will be the American Pimco (Allianz group), Gwm, and the servicer Aurora Recovery Capital.
According to the newspaper, the due diligence has already started on the first 800 million holdings, while assets for another one billion will be assessed by the end of November.
As with Sandokan 1, Pimco will provide 70% of the equity for the investments and Gwm for the remaining 30%.
Translator: Cristina Ambrosi