UniCredit Leasing has concluded an agreement for the sale to fund "Kona - Fondo Comune di Investimento Alternativo Immobiliare Riservato" of a portfolio of 38 assets repossessed after the termination of leasing contracts
Four of these properties were co-owned by Mediocredito Italiano, business finance hub of the Intesa Sanpaolo Group.
The sale of former leasing real estate portfolio, first sizable transaction on the Italian market, is part of UniCredit not core assets disposal strategy, aimed at strengthening the credit profile of the Bank.
Disposed portfolio accounts for a gross book value of approximately 205 € mln. The economic-financial impacts will be reflected in 2015 half-year report.
The shares of the Kona fund will be initially in the availability of funds affiliated with Cerberus European Investments, LLC..
The parties have been supported respectively by the following advisors: Ernst & Young and Ashurst on the sell side and Kervis Asset Management and Chiomenti on the buy side.