Värde Partners is in talks with the Mezzaroma family to take control of the holding company Impreme spa, in an deal that could lead to a strong dilution of the Mezzaroma’s or even their exit from the capital of their Rome-based well known real estate construction group, MF Milano Finanza writes.
Värde today is already owner of a 40% stake in the group. We recall that in September 2017 the creditors’ meeting of I mpreme had given the formal green light to a debt restructuring agreement signed at the beginning of July of that year with the lending banks precisely thanks to a recapitalization by Värde (see here a previous article by BeBeez). Värde had in fact agreed to purchase approximately 200 million euros of Impreme’s loans from Aareal Bank, Banco Bpm and UniCredit (142.3 million alone), after having previously purchased 221 million euros of loans from Montepaschi. Subsequently, the private equity fund subscribed a capital increase in the Mezzaroma group and injected 75 million euros of new finance for the development of residential complexes, after purchasing the mortgages. All for a total outlay of 110 million euros for a 40% stake in the group.
Moreover, another construction group, Borio Mangiarotti (20% owned by Värde since May 2020; see here a previous article by BeBeez) is said to be defining a strategic agreement with the US developer Hines and become part of its residential development project in the former Trotto area (145 thousand square meters ), in the San Siro area of Milan. Borio Mangiarotti could build half of the approximately one thousand apartments of the initial plan prepared by Hines. The latter bought the area last April through the Invictus real estate fund, set up and managed by Prelios sgr. The seller was Snaitech, Italy’s leading operator in the legal gaming sector (see here a previous article by BeBeez). The former Trotto di San Siro area (145,000 square meters) has been decommissioned from a sporting point of view since 2013 and will be transformed into a mixed-use project, mainly residential. A first development proposal would include a park of over 30,000 square meters, consistent with the green vocation of the neighborhood, and a residential offer with an important rent at agreed rates. The initiative will involve an investment of approximately 350 million euros over the next 4 years.
Recall that Värde Partners in Milan is currently building 500 apartments of the SeiMilano project, again with Borio Mangiarotti, which will be completed in 2022. To start the project, the two companies in January 2020 signed a 113.5 million euros loan agreement from Intesa Sanpaolo and Banco Bpm (see here a previous article by BeBeez). Last September Värde concluded the sale of the 8 former Boscolo hotels (now The Dedica Anthology) to Covivio for 573 million euros (see here a previous article by BeBeez).
Meanwhile Luca Malighetti, managing partner of Värde in Italy, is said to have decided to develop the business of the subsidiary Guber Banca, also in financing for companies in the real estate sector. in the investment and servicing of Npl and Utp portfolios. Värde bought a 33% stake in Guber Banca in March 2017 (see here a previous article by BeBeez).