In its first investment in Italy, global private investment firm HIG Capital has acquired an NPL portfolio from banking group Cassa di Risparmio di Ravenna.
In its first investment in Italy, global private investment firm HIG Capital has acquired an NPL portfolio from banking group Cassa di Risparmio di Ravenna.
The loans were bought through HIG Capital’s credit affiliate Bayside Capital and are secured on a mix of residential and commercial real estate assets located mainly in the regions of Ravenna and Bologna.
The portfolio has a face value of around €40 mln, of which €34 mln is secured. The purchase price was not disclosed.
Bayside Capital said the transaction was complex and structured with the help of servicing partner Fare NPL. ‘We are pleased to make our first investment in the Italian market and to be working with Fare NPL in this transaction,’ said Ahmed Hamdani, managing director in the UK at Bayside Capital. ‘We believe the Italian market presents excellent value and this transaction reflects HIG’s commitment to growing its Continental European real estate and NPL business.’
Chris Zlatarev, director in the UK at Bayside Capital, told PropertyEU that the deal was significant in that it represented 'the first secured portfolio transaction in Italy this year'.
He added: 'The transaction highlights our collaborative approach and we are already working on further transactions in the Italian market.’
HIG Capital, which has more than $15 bn (€11 bn) of equity capital under management, has also been active elsewhere in Europe. On Monday, it emerged that HIG, also acting through Bayside Capital, purchased a second portfolio of light industrial assets in the Netherlands for €23 mln after buying an initial portfolio last November.
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