Italian real estate investment trust Beni Stabili has joined forces with peer Gabetti Property Solutions to launch a new platform for the management of non-performing loans in the country.
Italian real estate investment trust Beni Stabili has joined forces with peer Gabetti Property Solutions to launch a new platform for the management of non-performing loans in the country.
The partnership, named NPLs RE_Solutions, will advise on and manage all types of non-performing loans.
The move comes at a time when the number of loans in need of restructuring has reached an historic peak in Italy. According to the Italian banking association ABI, the volume of non-performing loans is growing at an annual rate of some 30%.
The face value of NPLs has increased three-fold in Italy since 2008, reaching €135 bn last month. The figure represents around 7% of total bank lending, meaning that for every €10 provided by the banks, 70 eurocents are not paid back.
'The non-performing loan market is experiencing a strong growth in volume and we can provide a highly qualified service for the management and recovery of credit securitised against real estate,' commented Marco Bignami, chief executive of NPLs RE_Solutions and head of sales at Beni Stabili SIIQ.
Earlier this year, Milan-based Prelios also stepped up its participation in the credit servicing business with the acquisition of the remaining 20% stake it did not already own in its non-performing loan management unit from French bank and business partier Crédit Agricole Corporate & Investment Banking.
