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Project Sandokan 2. UniCredit, Pimco, GWM and Aurora Recovery Capital (AREC) agree on the ex-pansion of the Sandokan securitisation programme

A first tranche of additional loans will be transferred to the securitisation vehicle (SPV) by mid-June



The Sandokan programme continues with the implementation of "Sandokan 2". The co-investment programme between UniCredit, Pimco, GWM and Aurora Recovery Capital (AREC) enters in its operational phase today, following the successful launch and strong performance of the debut Sandokan project (involving circa 1.3 bln euros GBV of large secured loans, implemented on 9 December 2016). The final agreement was executed yesterday.


Through the transaction, management and special servicing activities related to the Sandokan 2 portfolio will be transferred to Aurora Recovery Capital (AREC), a special servicer - with a unique and proven track record in managing real estate NPEs, to optimise the effectiveness in the handling of medium and long-term real estate loans. AREC is owned by Finance Roma, GWM and PIMCO.


The expanded Sandokan platform will help increase the future value of loans through proactive asset management, innovative solutions and new funding, when and where needed.


The transaction will not result in the deconsolidation of UniCredit's portfolio although this is not excluded in the future.


The loans will be transferred to Yanez SPV, the Sandokan programme securitisation vehicle. The transfer of the loans to Yanez is expected to take place in multiple tranches, with the first tranche planned for mid-June 2019.


Sandokan 2, part of the Sandokan programme, is expected to include loans up to a maximum amount of 2 bln euros gross book value.


UniCredit is constantly performing proactive non-core asset management to strengthen its credit profile.


The agreement signed today aims to freeze risks connected to selected loans and to generate a potential economic benefit by developing the assets included. It is built on the strong relationship developed in the last 4 years between UniCredit, PIMCO, GWM and AREC.



Milan, 6 June 2019





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