Italian lender Banco BPM has concluded a structured finance agreement worth a total of €495 mln with Italian developer Gruppo Statuto, together with the support of the GWM Group and ARECneprix, the illimity Group’s asset management and structuring company.
The operation was structured by way of a securitisation with notes underwritten by Banco BPM and the GWM Group.
In addition, the GWM Group will provide new finance to be used for the completion of a number of real estate projects in the centre of Milan. More specifically, these include the redevelopment of Palazzo del Toro in Piazza San Babila in Milan and the opening of a five-star luxury hotel in Via Brera 19 which will be managed by Six Senses Hotels Resorts Spas.
ARECneprix, an asset management company, acted as arranger for the operation, proposing and designing the structure and coordinating execution. In addition, ARECneprix is in charge of the asset management and special servicing of the securitisation.
As part of the operation Finint acted as sponsoring bank for the new financing and is the master servicer of the securitisation vehicle.
GWM is a European privately-held investment manager. PropertyEU reported last month that the firm is preparing the launch of a new European Special Situations fund targeting equity of around €600 mln.
The fund, the third in GWM’s Special Situations series of opportunistic funds, will focus on investment opportunities above €50 mln including opportunistic lending, distressed sales, NPLs and UTP facilities in Western Europe. The vehicle will target net returns of 15%+.
