Värde Partners Inc., Barclays PLC unit Barclays Bank PLC and Guber Banca jointly acquired through a securitization vehicle a nonperforming loan portfolio with a gross book value of approximately €1.40 billion.
The portfolio was originated by 53 cooperative banks, rural banks and popolari banks in Italy. It consists of more than 9,000 positions, with 39% of the portfolio secured and the remaining 61% unsecured. The loans were originated mainly in Italy's northeast and northwest regions.
As part of the deal, securitization vehicle Futura SPV issued single-tranche notes, most of which was underwritten by a company majority owned by Värde and financed by Barclays Bank. A minority portion of the notes will be held by Guber Banca, which will also act as servicer and sub-servicer of the portfolio.
Centrale Credit & Real Estate Solutions, which is part of Cassa Centrale Banca Group served as an adviser in the sale process. Freshfields Bruckhaus Deringer LLP acted as a legal adviser for Värde Partners, Barclays Bank and Guber Banca, while Banca IMI advised CCRES.