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The Intesa-Prelios agreement

By 12 December 2019June 22nd, 2022No Comments

The agreement that marks the conclusion of the transaction on the UTP portfolio of the Intesa group, which began last spring, has been signed.

The international pool made up of Mediobanca, JP Morgan, Morgan Stanley, Natwest, Ubi and Banco Bpm agreed for the financing of Prelios for the sale and securitization of a UTP portfolio valued at 3 billion euros gross and sold at the price of 2 billion euros. The guarantees underlying the bank credits were assessed by Avalon Real Estate.

The transaction will allow Intesa to achieve almost 80% of their credit reduction target in the first 18 months of their business plan (2018 to 2021) without further charges for shareholders.

The agreement was managed by Rothschild and Banca Imi for Intesa Sanpaolo and by Mediobanca, Houilisan Lokey and Jp Morgan for Prelios, with the cooperation of Kpmg and Pwc on business aspects.