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Unicredit: agreement with Pimco to manage UTPs for 2 billion euro

07 June, Il Sole 24 Ore

Unicredit launched Sandokan 2, the co-investment plan in collaboration with Pimco, Gwm and Aurora Recovery Capital concerning the management of real estate credits. The portfolio amounts to 2 billion euro, mainly consisting of UTPs.

Pimco is said to provide 70% of the equity, while Gwm will provide the remaining 30%. Aurora Recovery Capital will act as a special servicer.

The plan aims at increasing the future value of the impaired loans through a proactive management and the issuance of new loans whenever deemed necessary. Unicredit is not meant to deconsolidate the portfolio, although this possibility is not excluded in the future. The credits will be transferred in various tranches to the special purpose vehicle Yanez Spv.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi