AnaCap Financial Partners has bought two non-performing loan (NPL) portfolios in Italy.
The private equity firm bought the portfolios, with a face value of more than €2bn ($2.2bn), from GE Capital’s Real Estate arm and UK bank Royal Bank of Scotland.
Bidding for the portfolios began last year.
AnaCap, which owns €8bn of Italian NPLs, bought the portfolios for its Credit Opportunities III vehicle.
Both commercial and residential properties back the portfolios, held in special-purpose vehicles.
AnaCap bought two NPL portfolios worth €2.5bn from UniCredit in 2014 and last year.
Justin Sulger, a partner at AnaCap, said: “Our earlier NPL investments mean we are very familiar with these types of residual claims and their varied servicing requirements.”
AnaCap, along with HIG Capital and Deutsche Bank, bought a €495m portfolio of non-performing and sub-performing loans from Volksbank Romania in 2014.
The transaction – Romania’s largest – saw the trio take on a portfolio of 3,566 loans backed by residential, commercial and development land.