Milan-listed Banco BPM closed the first of the three tranches that scheduled for a securitization programme for real estate assets that announced in September 2024 (see here a previous post by BeBeez). The securitization involves a portfolio of more than 330 real estate assets with a 295 million book value. Zenith Global, the credit servicer of UK’s Arrow Global, set the vehicle that attracted a senior credit facilty of up to 260 million from Banca BPM and issued mezzanine and junior partly-paid notes that SPF Investment Management and Phoenix Asset Management (PAM – a company of which PIMCO and the founder Steve Lennon have a stake) acquired. PAM also acts as real-estate asset manager. Umberto Rasori is the ceo of Zenith Global.
Milan-listed real estate developer and alternative assets manager Borgosesia aims to raise 30 million euros for carrying on a securitization through BGS Securities (see here a previous post by BeBeez). The transaction is part of Basket Loans Program which has a total fundraising target of 100 million to invest in NPEs coming from special situation & opportunities, bonds, mezzanine financing facilities, or bridge loans. Borgosesia aims to have asset under management worth 240 million.
Milan listed real estate developer and alternative assets manager Borgosesia acquired 49% of troubled Fattorie Santo Pietro (FSP) (see here a previous post by BeBeez). The financial firm also acquired the credits of the target through BGS Securities spv. Such a transaction is part of the securitizations of Borgosesia’s Basket Loans Program which aims to invest 100 million euros in NPEs. Borgosesia will invest in the junior notes. The transaction with FSP is worth in the region of 6.3 million. By 31 December 2029, Borgosesia will subscribe to a 1.7 million capital increase of Siena-based FSP.
