In 2019 Italy's State-owned bad loan manager AMCO and real estate group Prelios agreed with Monte dei Paschi,UBI Banca and Banco BPM to launch a platform to help banks offload impaired property loans (Back2Bonis).
Under said agreement, the banks and AMCO transferred small to medium sized real-estate UTP loans repackaged as securities to the fund for an initial value of around 450 million euros. Through this new securitization transaction the transfer of 400 million euros additional positions, including for the first time real estate leasing positions, was completed, bringing the total assets under management to 850 million euros. The goal is to reach approximately 1.5 billion euros of assets under management through other securitizations.
The Back2Bonis fund, which is managed by Prelios and participated by Amco and the banks (which have now been joined by Intesa Sanpaolo, Unicredit Leasing and Banco di Desio e della Brianza), is one of the main credit funds specialized in utp related to the real estate sector at European level.
Our firm advised Banca Monte dei Paschi di Siena and Mps Capital Services with partners Maria Milano and Beatrice Neri, and associates Michela Maresca and Elisa Nadia Tambè.