UniCredit Announces €1.3 Billion Securitization

December 15, 2016

Milan - Paul Hastings LLP, a leading global law firm, announced today that it is advising UniCredit Bank in structuring a complex securitization, to be completed in several stages, involving a portfolio of mid and long-term real estate receivables with an overall value of €1.3 billion. The receivables involve more than 40 different borrower entities and are guaranteed by properties in different phases of development. The deal is meant to optimize the chances of debt recovery through ad hoc agreements with the debtors and/or by enhancing the management of the properties also, in selected cases, by implementing measures aimed at the development, renovation and/or marketing of the assets. Part of the receivables has already been sold to Yanez SPV this month, and the issue of the securitisation notes will take place in the first part of 2017.

The first pool of investors, together with UniCredit, is composed of PIMCO, GWM and Finance Roma, who have established Aurora Recovery Capital (AREC), a dedicated service company that will be managing the receivables on behalf of Yanez SPV.

The Paul Hastings team was led by partners Alberto Del Din and Lorenza Talpo with associates Annalisa Santini, Fabio Zambito, Enrico Stefani, and Pasquale Parrella, and tax counsel Patrizio Braccioni.

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