Fortress Announces Agreement to Acquire UniCredit NPL Portfolio
December 19 2016 - 4:05PM
Business Wire
Pending Transaction Would Represent Largest
Ever Investment in European NPLs
Fortress Investment Group LLC (NYSE:FIG) (together with its
affiliates, “Fortress”) today announced an agreement to acquire a
significant portion of a €17.7 billion portfolio of non-performing
Italian loans from UniCredit S.p.A. At closing, the UniCredit
transaction will represent the largest ever non-performing loan
(“NPL”) transaction in Europe.
Fortress began investing in Italian loans and loan servicing in
2000, with its investment in Italfondiario S.p.A.
(“Italfondiario”), which was subsequently transformed from a
mortgage bank into a specialized loan management company.
Fortress’s other major transactions include its acquisition, in
2005, of €13 billion in NPLs from Intesa banking group, and in
2015, the acquisition of specialized servicer UniCredit Credit
Management Bank S.p.A. (renamed “doBank S.p.A”).
In total, not including the newly announced UniCredit
transaction, Fortress and its affiliates have acquired
approximately €22 billion of NPLs in Italy since 2000. By combining
doBank with Italfondiario, Fortress has also created the largest
independent special servicer in Italy, with approximately €83
billion of combined loans under management as of June 30, 2016,
over seven times the size of the next largest competitor.
About Fortress
Fortress Investment Group LLC is a leading, highly diversified
global investment firm with $70.1 billion in assets under
management as of September 30, 2016. Founded in 1998, Fortress
manages assets on behalf of over 1,750 institutional clients and
private investors worldwide across a range of private equity,
credit, real estate and traditional asset management strategies.
Fortress is publicly traded on the New York Stock Exchange (NYSE:
FIG). For additional information, please visit
www.fortress.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20161219006047/en/
Fortress Investment Group LLCGordon E. Runté, 1-212-798-6082
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