Quaestio Capital Management SGR has today approved the signing of an agreement, on behalf of the Atlante II Fund, for the purchase of the portfolio of Euro 343 million of impaired loans held by Nuova Cassa di Risparmio di Ferrara S.p.A., the entity which arose following the resolution of the previous Cassa di Risparmio di Ferrara in November 2015. This transaction, which will be concluded by 30 June of this year with the fund subscribing to securities, will enable the bank to be sold to BPER, as in the case of the sale of the other three good banks to UBI, and make it possible for another of the Italian banking system’s critical situations to be resolved.
20 Jun 2017
The portfolio, comprising unlikely to pay loans and non performing loans, consists of approximately 48% of receivables secured on real estate and 52% of unsecured balances, and also includes receivables arising from lease agreements. The average price being paid for the loans is approximately 19% of their gross book value.
As in other cases Quaestio reserves the right to syndicate its investment to other investors.
The due diligence and the valuation of the portfolio were performed by Credito Fondiario which will also act as the master servicer. Selection is currently taking place of the special servicers who will be chosen from leading operators in the loan recovery sector. Quaestio determines the subdivision and allocation of the roles on the basis of competitive procedures in order to protect the interests of its investors and contribute to the creation of an NPL market in Italy that is open to competition and efficient.
DeA Capital S.p.A. is entering the capital of Quaestio Holding with an interest of 44% to become its relative majority shareholder, alongside Fondazione Cariplo and the other “historic” institutional shareholders with the aim of strengthening the company and supporting its new phase of development.
New closing for the Quaestio Private Markets Funds – European Private Debt fund
The Fund’s intervention in purchasing the npls has been one of the decisive factors in arriving at a solution for MPS, as was also seen in the case of the good banks acquired by UBI and BPER.
Quaestio Holding SA (“Quaestio”) has signed an exclusivity undertaking with Cerved Information Solutions SpA (“Cerved”) for the negotiation of an agreement which contemplates an industrial partnership in special servicing activities.
The Board of Directors of Quaestio Capital Management SGR S.p.A. has calculated the value of the quota of the Atlante Fund and the Atlante II Fund at 30 June 2017.
The Fund is the largest investor in the non-performing loan market in Italy and among the biggest investors in the world, thus ensuring a strong Italian institutional presence in the industry.
The Fund’s involvement in the purchase of the non-performing loans is one of the determinant factors in the sale of the three banks to the Crédit Agricole Cariparma SpA.
The operation occurs through the Italian Recovery Fund and is one the key factors in the sale of the three banks to Crédit Agricole Cariparma SpA.
The operation was carried out through the Italian Recovery Fund and is one of the biggest ever performed in Europe.
Quaestio Capital SGR has further strengthened its management structure with the arrival of Ali Saad as analyst and Multi Asset manager in one of Quaestio’s main areas of activity.
The Quaestio Italian Growth Fund has subscribed €15 million as its portion of the share capital increase and now holds 26,6% of the shares of Industrie Saleri Italo S.p.A. (SIL).
Quaestio Capital SGR S.p.A. announces a new closing for its Quaestio Private Markets Funds – European Private Debt fund.
The information in this document is given for information purposes only and does not qualify as investment advice. Opinions and assessments contained in this document may change and reflect the point of view of Quaestio Capital SGR S.p.A. in the current economic environment and might change.
Copyright © 2019 Quaestio Capital SGR S.p.A. – All rights reserved. Copying or other reproduction of all or part of this document without the prior written consent of the copyright owner is prohibited.