ARECneprix and Finint Investments have announced the commencement of Olympus Fund, a new equity contribution fund aimed at maximizing loans, including leasing loans, secured by real estate, and efficiently managing real estate assets. With an initial Gross Book Value (GBV) of approximately 2 billion Olympus is one of the most relevant real estate initiavie in Italy in 2023.
Key Players and Partnerships
Finint Investments, an asset management company within the Banca Finint Group, has established and is overseeing the fund. The fund’s initial unit-holders include UniCredit (52%) and illimity Bank (48%), which have contributed significantly to the fund’s assets. The Fund’s investment period is set to conclude on 31st December 2025. Following the achievement of Consob’s marketing authorization, additional institutional investors may participate with selected securitization notes, loans, and real estate assets that align with the fund’s strategy, aiming to enhance their underlying value.
Banca Finint will play the roles of Master Servicer, Corporate Servicer of the securitization vehicle, and the Leasco, Calculation Agent, and Fronting Bank of the securitization operations in which the Fund has invested.
Asset Composition
Olympus Fund stands out due to its exclusive composition of managed assets. It predominantly consists of Unlikely-to-Pay (UTP) loans and leasing loans secured by prestigious properties, both large and medium-sized single positions. This composition ensures the stability of cash flows generated by the fund, making it an attractive investment opportunity for stakeholders.
The fund takes a prominent position in the market due to its significant focus on real estate, setting it apart as a scalable platform of unique excellence. Olympus Fund leverages the specialized management of Finint Investments, working closely with ARECneprix, which serves as the Arranger, Special Servicer, Asset Manager, and Advisor for the operation. This collaboration aims to create value for all stakeholders and is supported by over 20 years of experience in managing real estate assets and large-ticket real estate loans.
Comments
Andrea Battisti, CEO and Founder of ARECneprix, emphasized the importance of the collaboration with Unicredit, stating, “The operation announced today leads to the birth of one of the foremost funds in the management of real estate, leasing loans, and credit secured on quality real estate assets, and strengthens the long-standing collaboration between ARECneprix and a partner of excellence such as Unicredit.”
Marco Raccah, General Manager of ARECneprix, highlighted their commitment to maximizing assets, saying, “Backed by our high level of specialization in large-scale UTPs and our long experience in the real estate sector, our aim is to valorize the assets we manage to the utmost, in the interest of all the current stakeholders and all the new investors keen on seizing the unique opportunities that a highly selective fund such as Olympus is able to provide.”
Mauro Sbroggiò, Chief Executive Officer of Finint Investments, underlined the market need for an instrument capable of professionally managing UTP loans with a real estate underlying. The flexible structure and management approach, combined with the ability of Finint Investments to restructure and maximize underlying real estate assets, played a pivotal role in the success of this venture.
Furthermore, the open platform of the Fund allows for future growth in size, which could potentially exceed the already high level of assets managed at the outset. The collaboration between Finint Investments and Banca Finint showcases the strength of the group in handling complex operations.
Olympus Fund’s inception is a testament to the innovative spirit of the financial industry and its continuous evolution to meet the ever-changing needs of the market. This partnership between ARECneprix, Finint Investments, and their strategic allies has the potential to reshape the landscape of real estate asset management and set new standards for the industry.
Blogger and Investment Management Advisor with focus on Distressed Assets & NPL. Massimo is Chief NPL & Fintech Editor at Credit Village Magazine.