doValue S.p.A. (“doValue”), a leading manager of credit and real estate portfolios derived from impaired loans in Southern Europe, has announced a major expansion of assets under management. Three leading Italian banks will contribute portfolios of UTP (Unlikely To Pay) loans and a stage 2 component, with a gross value of €300 million, to the Efesto Fund, managed by Finint Investments. In this transaction, doNext S.p.A., a wholly owned subsidiary of doValue, will act as sole and exclusive servicer.
The assigned portfolios include mainly secured and/or guaranteed positions from Mediocredito Centrale, with a significant presence of loans recently classified as impaired (in stage 2 during evaluation due diligence). This assignment represents a strategic step in the path of expansion and diversification of the assets managed by doValue, envisaged in the 2024-2026 plan. This plan aims to increase the company’s presence in asset classes other than non-performing loans, offering significant growth opportunities thanks to the low degree of outsourcing of these loans in the Italian banking system.
oNext, in its role as servicer, will manage the assigned positions with the goal of preserving the debtors’ business continuity and the value of the underlying real estate assets. Finalization of the assignment is subject to the completion of certain standard conditions for transactions of this nature, expected by the end of October 2024.
The Efesto Fund, launched in 2020, is confirmed as one of the leading initiatives for the UTP asset class in Italy. With this latest contribution, the Fund has reached about €2.1 billion in contributions from 15 Italian banks and financial institutions. Efesto is focused on the revitalization of SMEs and real estate assets with turnaround potential, and has also invested in recent years in instruments with underlying leasing exposures, allowing banks to deconsolidate related assets.
With more than 20 years of experience and approximately €116 billion in assets under management as of December 31, 2023, the doValue Group operates in Italy, Spain, Portugal, Greece, and Cyprus. The group’s business contributes to economic growth and fosters the sustainable development of the financial system. doValue offers an integrated range of credit management services, including servicing of Non-Performing Loans (NPLs), Unlikely To Pay (UTP), Early Arrears, Performing Loans, Master Legal, Due Diligence, data management, and Master Servicing activities. doValue’s shares are listed on the STAR segment of Euronext Milan (EXM), and in 2023 the Group reported Gross Revenues of €486 million and EBITDA, excluding nonrecurring items, of €179 million.
