BPER Group, in the context of its management strategy for Non-Performing Loans (NPLs) and aiming to reduce the stock and improve recovery performance, entered into a non-recourse assignment of a NPLs portfolio to Algebris NPL Fund and Cerberus European Investments. The portfolio comprises about 15,000 loans for a gross book value of €450 million.
Oliver Wyman acted as arranger and the team of Credit Solutions Group of Banca IMI overlooked the financial structure of the transaction.
The Orrick team advising BPER Group in this transaction was led by Italian managing partner Patrizio Messina and partner Annalisa Dentoni-Litta, in collaboration with senior associate Sabrina Setini and associate Erik Negretto.
Jones Day advised Algebris NPL Fund with a team composed of Francesco Squerzoni and Marco Frattini, while Freshfields Bruckhaus Deringer assisted Cerberus with a team composed of Corrado Angelelli and Davide Bonsi.