Goldman Sachs' Whitehall funds have acquired almost 900 non-performing and sub-performing loans backed by Italian residential property, with an original value of about EUR 120 mln. The Financial Times reported that the loans have been bought at less than half face value. All loans were made between 2006 and 2007 by an Italian financial services company in administration.
Goldman Sachs' Whitehall funds have acquired almost 900 non-performing and sub-performing loans backed by Italian residential property, with an original value of about EUR 120 mln. The Financial Times reported that the loans have been bought at less than half face value. All loans were made between 2006 and 2007 by an Italian financial services company in administration.
Goldman Sachs said the deal underlines what is expected to be a renewed focus on distressed debt given the extent of the global financial downturn in property prices, as well as the increase in problems among property owners who are struggling to correct defaults on loans.
