Jan 13 2022

CBRE with Devar Claims and Overlord SPV sell NPL portfolio with €60m GBV in the secondary market to vehicles advised by AnaCap

CBRE, a worldwide leader in real estate advisory services announces it has supported Guber Banca and securitisation vehicles Devar Claims and Overlord SPV in the disposal of a NPL portfolio with a Gross Book Value (“GBV”) of more than €60 million to vehicles advised by AnaCap Financial Partners (“AnaCap”).

For the process, CBRE structured two phases to enable the secondary market sale of the real estate secured loans. The portfolio, which comprises 6 borrowers, is characterised by a large component of Cash-in-Court strategy.

Andrea Calzavacca, Head of Loan Advisory & Alternative Investments at CBRE Italy, commented:

“Distressed credit opportunities linked to secondary market trades represent a key part of the current market dynamics which will follow on from the deleveraging activity witnessed in recent years.”

He continued:

“This deal also demonstrates the depth of secondary market sales, as well as our ability to select suitable investors interested in such products. The clear appetite for these opportunities paved the way to structure the process in the two phases that were ultimately executed. Strong interest in these opportunities, together with the participation of institutional parties on both sides of the transaction, has meant the process closed in less than two months which is a testament to all parties involved.”

Natalia Joubrina, Investment Director, Credit at AnaCap, commented:

“AnaCap continues to be a key player in the lower to mid-market space where we see attractive opportunities across the credit landscape in the Italian market, including secondary NPL market opportunities. AnaCap has been a very active investor in the Italian market since 2012 and we look forward to deal flow in the geography across different asset classes including Non-Performing Loans, Performing Loans, Direct Real Estate and Corporate Credit. Our extensive knowledge of the Italian market combined with a local presence has enabled us to deliver consistently with regular seamless and efficient execution. Our ability to provide flexible and tailored solutions in the Italian market where we have strong track record enabled us to secure this deal in a limited competition process.”