Italian asset manager Prelios Sgr announced this week that the Back2Bonis property-backed debt fund has reached a size of €850 mln following new subscriptions by lenders Intesa Sanpaolo, UniCredit Leasing and Banco Desio.
The fund was launched a year ago with the participation of local banks MPS, UBI and BPM. It originally managed a debt portfolio including around 50 loans with a gross book value of €450 mln and it has now added another 60 loans with a gross book value of €400 mln.
The innovative multi-originator platform focuses on the management of unlikely-to-pay loans in the real estate sector. It allows participating banks to benefit from the potential recovery of the loans through shares held in the fund. It also facilitates the turnaround process for debtor companies, thanks to the new financing issued by the fund, allowing for a proactive management of the loans and the underlying assets.
The vehicle aims to reach a portfolio of €1.5 bn with further contributions targeted from other financial institutions.
Amco acts as master and special servicer, while Prelios is manager of the fund and real estate partner, as well as special servicer managing only loans with underlying real estate leases.
