NPL: exclusive rights to Cerberus on the Delta credits

15 May, Monitor Immobiliare

According to Milano Finanza, the fund Cerberus obtained the exclusivity on the acquisition of the NPL portfolio worth 2 billion of the former Delta group.

The deadline is set for the end of June, but the parts involved are positive about the success of the operation. Domenico Trombone is also optimistic, namely the president of Sgcd, the company that managed the operation. The so-called Arkade project was launched in mid-2017 with EY as advisor in order to dispose of the bad loans (and not only) of the consumer credit company put under temporary receivership in 2009.

The portfolio is composed of performing and non-performing loans, and it was placed on the market by Società gestione crediti Delta (Sgcd), a special purpose company owned by the main Italian banks. Among these, there are Unicredit, Mps, Bper Banca, Banco Bpm, Bnl, Bpvi, and Cassa di risparmio di San Marino (this latter holding the 10%). The credits come from several Delta subsidiaries such as Carifin Italia, Plusvalore and Detto Factor. This is one of the biggest unsecured portfolios ever put on the market that justifies the interest of investors.

The great interest is also due to the offered price which is above the market average and placed above 5% of the nominal value. Another factor that led to deciding for Cerberus is given by employment guarantees provided by the American fund.

Source: Monitor Immobiliare

Translator: Cristina Ambrosi

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