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GE Units, Pirelli RE Acquire Bad-Loan Portfolio

MILAN-The loans, mostly secured by real estate assets in Italy, have an approximate gross book value of US $1.97 billion.

By Brian K. Miller | Updated on January 02, 2007

MILAN-A partnership of GE Real Estate Italy, GE Commercial Finance Services Italy and Pirelli RE has acquired a portfolio of non-performing loans from ABN Amro’s subsidiaries Banca Antonveneta and Interbanca. The mixed commercial loan portfolio has an approximate gross book value of 1 billion pounds (US $1.97 billion). The majority of the loans are secured by real estate assets in Italy.

GE will act as the majority partner in the operation. Pirelli RE holds a 35% stake and will act as the servicer and asset manager for the loan portfolio. GE Corporate Finance Bank provided bridge financing for the transaction.

As part of the transaction, the partnership has signed an exclusive agreement with Banca Antonveneta wherein it will acquire additional non-performing loan portfolios expected to come to market in 2007. The combined book value of the portfolios is approximately 5 billion pounds.

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