PRESS RELEASE
NEW €300M CONTRACT OF SUB-PERFORMING LOANS FOR DOVALUE
Rome, July 16, 2024 - doValue S.p.A. ("doValue") announces that it will increase its assets under management thanks to the transfer of UTP loan portfolios with a Stage 2 component and a gross book value of €300 million. The assets will be contributed by three leading Italian banks to the Efesto Fund managed by Finint Investments where doNext S.p.A. ("doNext", a wholly owned subsidiary of doValue) acts as the sole and exclusive servicer.
The aforementioned portfolios are mainly composed of secured positions and/or loans guaranteed by Mediocredito Centrale, with a significant component of very recent vintage stage 3 loans (which were classified as stage 2 at the time of assessment).
This contribution strengthens the path of expansion and diversification of managed assets as pursued by doValue with the 2024-2026 plan that aims to grow in asset classes other than non-performing loans. This portfolio places doValue in the best position to demonstrate its know-how and added value even on granular and performing credit positions, which offer significant growth opportunities given the low level of outsourcing by the Italian banking system.
doNext will manage the assigned positions in its role as servicer, aiming to safeguard the business continuity of debtors and the value of the underlying real estate assets.
The completion of the transfer is currently subject to the fulfillment of some standard conditions precedent for this kind of deals and is expected by the end of October 2024.
Launched in 2020, the Efesto Fund is one of the main initiatives for the UTP asset class in Italy. To date, including these latest contributions, it has reached approximately €2.1 billion contributions from 16 Italian banks and financial institutions that are units-holders of the Fund. Efesto focuses on the revitalization of SMEs and real estate assets with turnaround potential and has also invested in instruments with underlying leasing exposures and non-corporate assets over the past years, allowing banks to deconsolidate the related assets.
The doValue Group is the leading operator in Southern Europe in credit and real estate management services. With an experience of more than 20 years and approximately €116 billion in assets under management (Gross Book Value) as at 31 December 2023 across Italy, Spain, Portugal, Greece and Cyprus, the doValue Group's business contributes to the economic growth by fostering the sustainable development of the financial system. The doValue Group offers an integrated range of credit management services: servicing of Non-Performing Loans (NPL), Unlikely To Pay (UTP), Early Arrears, performing loans, Master Legal, Due Diligence, data processing and Master Servicing.
The shares of doValue are listed on the STAR segment of Euronext Milan (EXM) and, in 2023, the Group reported Gross Revenue of €486 million and EBITDA excluding non-recurring items of €179 million.
Contacts
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doValue |
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Media Relations |
Investor Relations |
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Raffaella Casula (+39 348 306 7877) |
Daniele Della Seta (+39 06 4797 9184) |
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Francesca Alberio, Matilde Tagliavini (+39 02 89011300) |
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doValue S.p.A. published this content on 16 July 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 July 2024 17:14:30 UTC.
