Phinance Partners has completed the structuring of a new Real Estate Securitization Program under Article 7.2 Italian Law, in a Joint Venture with the Swiss bank Banca Credinvest SA through the special purpose vehicle (SPV) ABSOLUTE RE SPV Srl, created in 2022.
Phinance acted as the promoter of the initiative, Arranger, and junior co-investor. The program has a target size of €50 million. The initiative represents Phinance’s second investment joint venture with a bank, focusing on urban regeneration of former industrial areas, following the one carried out with Guber Banca last May.
On the program’s launch, the joint venture acquired from a bankruptcy procedure an abandoned industrial area near the city center of Rovereto, in Northeast Italy. The site, so called “Microleghe” for its last industrial user, has been in a state of decay for years. The project is to transform the property into a premium area designated for commercial, residential, and parking purposes. Discussions are already underway with the Municipality.
Banca Credinvest, a Swiss private bank, acted both as senior investor and junior co-investor to the program in its mission to offer its clients higher value-added opportunities.
Phinance Partners acted also as Calculation Agent and Representative of Noteholders. Furthermore PHIRE S.r.l., a subsidiary of Phinance Partners, will act as Asset Manager.
Legal assistance was provided by DLA Piper, while CENTOTRENTA Servicing acted as Master Servicer.
Rome, November 27th 2024