Italian asset manager Prisma Sgr has restructured around €307 mln of debt held by its Due Portafoglio real estate fund after months of negotiations with its lenders.
Italian asset manager Prisma Sgr has restructured around €307 mln of debt held by its Due Portafoglio real estate fund after months of negotiations with its lenders.
Prisma, advised by Kryalos Asset Management, said it has received a new credit facility from a pool of banks including Intesa San Paolo, Unicredit, Banca Popolare di Milano Società Cooperativa as well as Due Securitisation.
Due Securitisation is a vehicle owned by US private equity group Blackstone. It recently acquired Société Générale's 20% stake in the Due Portafoglio loan at a discount of around 50% to face value. The original loan had come to maturity in February 2014.
As part of the new debt agreement, the Due Portafoglio fund will also receive a new €22 mln credit line for capital expenditures in the portfolio.
The Due fund owns a number of trophy assets in Milan and Rome including several properties leased to Telecom.
Prisma, which was launched in 2010 with the acquisition of peer Zero Sgr, has around €500 mln of assets under management. Prisma is currently controlled by its management which owns a 55% stake.
