27 January, BSnews
In December 2017 the Brescia-based company Sei Consulting concluded an operation through which the group Zunino sold to Castello sgr two prime properties located in the fashion district of Milan (more precisely in Via Bagutta and Via Bigli), concluding in this way the reorganization of the company.
Zunino has been assisted in the operation, that lasted over one year, by the legal advisor Sei Consulting that worked through a team coordinated by the partners Alberto Mazzoleni and Marco Covagnini along with Daniele Pedruzzi.
The operation is valued 128.5 million altogether and saw the intervention of Castello sgr in the role of asset manager with the alternative real estate investment fund named “Fondo Italian Opportunities Fund I”. The operation is part of the complicated but increasingly dynamic market of Italian NPLs backed by real estate. The market offers plenty of opportunities to investors, national as well as international. In fact, the Zunino operation saw the participation of American investors.
“The NPL market offers many opportunities that have been used mostly by speculative investors so far, most of them are not Italian. They take advantage of the current conditions of the banks of the country, and they have closed many operations in the past two years, promoting assets that banks (the owners of the secured loan or of the property itself) were not able to promote, says Mazzoleni. “Banks, included the small- and medium-sized ones, should adopt a more collaborative approach on this matter in order to obtain, directly or through external companies, capital appreciation from NPLs, as the specialised companies are currently doing”.
Translator: Cristina Ambrosi