Värde, Barclays and Guber Bianca buy Italian loans portfolio


Värde Partners, Barclays and Guber Banca have jointly acquired a portfolio of non-performing loans originated by 53 cooperative banks, rural banks and popolari banks in Italy. The value of the portfolio is 1.397 billion euros. Centrale Credit & Real Estate Solutions, which is part of Cassa Centrale Banca Group, was an adviser, coordinating the sale process. Freshfields Bruckhaus Deringer LLP provided legal advice to Värde Partners, Barclays Bank Plc and Guber Banca on the deal while Banca IMI advised CCRES.

PRESS RELEASE

6th July 2018 – Värde Partners, Barclays investment bank and Guber Banca announced today the joint acquisition of a portfolio of non-performing loans originated by 53 cooperative banks, rural banks and popolari banks spread throughout Italy. The gross book value (GBV) of the portfolio is €1.397 billion.
Centrale Credit & Real Estate Solutions (CCRES), part of Cassa Centrale Banca Group, acted as advisor, coordinating the sale process.

The portfolio comprises more than 9,000 positions, with 39% of the portfolio secured and the remaining 61% unsecured. The loans were originated mainly in the North-East and in the North-West of Italy.
The portfolio was purchased by FUTURA SPV, a securitization vehicle pursuant to Law 130/1999; the vehicle has issued single-tranche notes, the majority of which has been underwritten by a company majority owned by Värde and financed by Barclays Bank plc, and a minority part of the notes will be held by Guber Banca.

Guber Banca will also act as servicer and sub-servicer of the portfolio.

Francesco Guarneri, CEO – Guber Banca commented: “In our 27-year history, we have built unique expertise in the valuation and management of non-performing loans. We have developed proprietary technologies and implemented highly structured processes based on historical curves differentiated by asset classes. In a very competitive market with short lead times, it is essential for due diligence on the NPL portfolios to integrate the traditional methodologies of analysis with new tools based on digital technologies. This is, in fact, the first acquisition of a NPL portfolio achieved with mainly digital due diligence.”

Francisco Milone, Partner – Head of European Real Estate at Värde Partners commented: “We are pleased to partner with Barclays and Guber on this transaction. We initially invested in Guber in 2017 knowing they would play a big role in our longer term strategy to invest in NPLs in Italy. Värde has deep expertise investing in stressed and distressed loans and with dedicated people and resources on the ground, we remain committed to growing our presence in Italy. Our strength lies in our ability to close
complex transactions while the market in Italy is experiencing more volatility and uncertainty.”

Adeel Khan, Head of Global Credit and Co-Head of Markets at Barclays commented: “We are very excited to have worked with Guber and Varde on this transaction. We have been investing and expanding our Leveraged Credit Trading and Special Situations financing capabilities to be able to support our clients across products and geographies. This transaction is also a testament to our commitment to Italy.”

Freshfields Bruckhaus Deringer LLP has acted as legal advisor for Värde Partners, Barclays Bank Plc and Guber Banca; Banca IMI has advised CCRES.

Guber Banca
Guber Banca, founded in 1991 by Francesco Guarneri and Gianluigi Bertini, is one of the leading operators in the Credit Management industry in Italy, with approximately 7.5 billion euro in loans under management (as of 31 December 2017). In April of last year, the founders were joined by Värde Partners with a 33.3% stake.

Guber is active throughout Italy with more than 180 employees and cooperators, and it has a presence all over the country thanks to a network of more than 280 external lawyers. Guber, which specializes in the management and recovery of portfolios of non-performing loans, both unsecured and mortgage-backed, is also active in the macro areas dedicated to the direct purchase of loans and to due diligence & advisory services, including in the real estate sector.

Barclays
Barclays is a transatlantic consumer and wholesale bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.

With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 80,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide.

For further information about Barclays, please visit our website www.home.barclays Restricted – External
Värde Partners

Värde Partners is a $13 billion global alternative investment firm that employs a value-based approach to investing across a broad array of geographies, segments and asset types, including real estate, corporate credit, mortgages, specialty finance, real assets and infrastructure. The firm sponsors and manages a family of private investment funds with a global investor base that includes foundations and endowments, pension plans, insurance companies, other institutional investors and private clients. Founded in 1993, Värde employs more than 300 people globally with regional headquarters in Minneapolis, London and Singapore.

Since opening an office in Milan in 2014, Värde has led the acquisition of more than $1 billion in Italian distressed claims and subsequently completed multiple major restructurings both in court and out of court. In 2017, Värde acquired a stake in Guber, which recently obtained a banking license to diversify its funding sources and facilitate future growth, particularly with respect to the NPL portfolio market.