Italian property giant Pirelli RE and General Electric, through its subsidiaries GE RE Italia and Commercial Finance Services Italia, said they have acquired five portfolios of non-performing loans with a gross book value of some EUR 2.4 bn from Banca Antonveneta and its Interbanca unit.
Italian property giant Pirelli RE and General Electric, through its subsidiaries GE RE Italia and Commercial Finance Services Italia, said they have acquired five portfolios of non-performing loans with a gross book value of some EUR 2.4 bn from Banca Antonveneta and its Interbanca unit.
The transaction, in which Pirelli RE will take a 35% stake along with its partner Calyon, involves non-performing loans guaranteed by residential, hotel and industrial real estate, news agency AFX news has reported.
Pirelli RE and GE also signed an exclusive agreement to buy further non-performing loans from Banca Antonveneta 'by the first months of 2007' with a gross book value of around EUR 5.1 bn.
In a press release, Pirelli said its joint venture with Calyon, through which the transaction was carried out, has also identified new investment opportunities and aims at becoming a leading European player with growth potential in Germany and Poland.
Pirelli RE, part of the listed group Pirelli & C., is a management company with three operational centres in Milan, Rome and Naples. The company recently opened offices in Berlin and Warsaw, as part of its expansion plan into Central-Eastern Europe.
