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Algebris makes a move for Porta Vittoria. York is in the game too
05 January, Il Sole 24 Ore
The fund Algebris of Davide Serra aims at obtaining Porta Vittoria. But the American fund York Capital might be ready with a counteroffer.
Algebris Investments, through Nike Real Estate Srl, a company owned by the fund Algebris Npl II, with the assistance of the advisor Frontis Npl, has deposited a bankruptcy settlement for Porta Vittoria. The proposal will make possible the full repayment of the preferential creditors, as well as the reimbursement of a good part of the amounts owed to the other creditors. The objective is to continue with the area requalification. It’s worth to mention that, before the action by Algebris, the starting auction price for Porta Vittoria was 152 million euro.
However, the international fund York Capital might be ready to intervene, having been one of the first to examine the dossier.
York has signed a preliminary agreement with Banco Bpm, the main creditor of the area with an exposure of 220 million euro after the negotiations with the same bank and King Street have failed.
In the way, the settlement of Algebris may be in competition with other proposals, among these the York’s one, that may soon present another bankruptcy settlement and that is negotiating with the biggest creditor of the area, the construction company Colombo.
The matter is complex. On one side, there are the doubts connected to the past role covered by Banco Bpm in the bankrupted area, with an investigation of the District’s Attorney Office regarding an alleged managing and coordinating activity on Porta Vittoria Spa. On the other side, there are still some litigations to be solved, such as that with Tecnilens, the company that owns a night-club (Black Hole) located just beside Porta Vittoria that won a lawsuit based on the claim that the minimum distances between buildings were not respected.
Source: Il Sole 24 Ore
Translator: Cristina Ambrosi