UniCredit SpA transferred the management of a €1.3 billion real estate loan portfolio to Aurora Recovery Capital, a partnership between the Italian lender and PIMCO Investments LLC, GWM and Finance Roma, Il Sole 24 Ore reported Dec. 9.
The partners signed the related agreement late the night before, assisted by Bain as financial adviser, Il Sole said separately Dec. 9. Talks between the companies had reportedly been launched in 2015.
The agreement ensures that the loans in question can be managed in a more "proactive" way to increase their value, Il Sole said, citing a UniCredit statement, which added that a potential sale of the portfolio has "not been ruled out for the future."
UniCredit will reportedly transfer the loans in two tranches, starting with one worth €864 million, which was to be transferred by Dec. 12.