Italy's Prelios has signed an agreement to acquire the remaining 20% stake it did not already own in its non performing loan management unit, Prelios Credit Servicing. The vendor is French bank Crédit Agricole.
Italy's Prelios has signed an agreement to acquire the remaining 20% stake it did not already own in its non performing loan management unit, Prelios Credit Servicing. The vendor is French bank Crédit Agricole.
Following the deal, the Milan-based property services firm owns 100% of the unit.
Financial details are still being negotiated, according to market sources.
The acquisition is said to be in line with Prelios' strategy to focus on the provision of services to third parties and move away from balance-sheet investments.
Under the agreement, Prelios has also sold its interests in a number of non-performing loans held jointly with Crédit Agricole. The company will retain the master servicing and corporate servicing mandate for the assets.
Prelios Credit Servicing has signed four new loan management contracts for third parties worth a total of €1.2 bn in the past 12 months, and currently manages a non-performing loan portfolio worth €8.7 bn in the country.
