Coop Alleanza 3.0 has divested a portfolio of retail assets across Italy to a special purpose securitization vehicle known as SPV Project 2203 S.r.l. for €50 mln.
The transaction, one of only a few securitization of real estate assets ever done in Italy, encompasses a number of supermarkets and neighborhood shopping centres in the Emilia-Romagna, Friuli-Venezia Giulia and Puglia regions of Italy. The properties are multi let and boast a 96% occupancy rate.
Banca Ifis acted as Arranger and Calculation Agent while DeA Capital Real Estate SGR was advisor in the deal.
The portfolio has been acquired by the SPV through the issue of four types of asset-backed bonds including VAT, senior, mezzanine and junior notes, acquired by Banca Ifis, Coop Alleanza 3.0 and Frontis NPL.
Coop Alleanza 3.0 in particolar bought the VAT notes and a portfolio of the mezzanine and junior notes. Frontis NPL also bought a part of the junior notes.
'We are very satisfied with the collaboration with DeA Capital Real Estate, Frontis and Zenith which has led us to create one of the first and most significant real estate securitisations closed so far in the Italian market,' said Cataldo Conte, head of Corporate & Investment Banking of Banca Ifis and Matteo Pigaiani, head of Securitization & Structured Solutions.
'With this operation, the SGR further expands its range of instruments and services offered to the market, participating in the structuring of a real estate securitization operation which adds to the 55 funds already under management, a SICAF and numerous advisory mandates for SIIQ and real estate companies, for over €12.6 bn in assets,' added Emanuele Caniggia, CEO of DeA Capital Real Estate SGR.
