Portugal 
Spain 
Greece 
Here is who aims at buying Banca Carige’s Npls, buildings, and consumer credit
The non binding offers for the 1.2 billion euro portfolio and related management platform put on sale by Carige are expected for this week. It will be a test to assess the interest of the market and to figure out the selling price for the packet of bad loans. However, the final test will be in November with the binding offers
The Npl portfolio transfer operation has been called “Project Sword” with reference to Saint George, the saint of Genoa. About 25 investors (major funds such as Fortress, Cerberus, Pimco-Gwm, Tpg among others) would be invited to take part in the divestiture process.
Nearly 70 percent of the portfolio on sale is composed of secured loans, while 30 percent are unsecured. Besides, the majority of loans was classified as problematic between 2013 and 2014.
The managing platform is on sale too, it’s called Gerica, the acronym of Carige. According to rumours in the financial sector, it’s possible to make offers for the portfolio and the Npl platform together or separately. In any case, the buyer will have a management agreement of 10 years.
In the meanwhile, Carige has put on sale the offices in Milan (Corso Vittorio Emanuele and Via Spadari), Rome (Via Bissolati), and London (Hornton Street). The real estate counselling firm Jones Lang La Salle is working on this operation. The Carige office in Milan in Corso Vittorio Emanuele is particularly attractive, and the American Hines, the German Triuva, and the Italian Antirion Sgr are rumoured to be competing for it. The price requested for the building must be around 100 million euro.
Finally, there are around fifteen manifestations of interest for Creditis, the consumer credit company of the group. The bank at the moment is dealing with the non binding offers: the selling price for Creditis (on the books for 40 million) is estimated around 70 million. According to indiscretions, the group Compass-Mediobanca would be interested.
Translator: Cristina Ambrosi