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Allen & Overy advises Algebris on a EUR1 billion NPL securitisation platform

Allen & Overy has advised Algebris Investments (Ireland) Limited on the structuring of a securitisation  platform of non-performing loans originated by Italian banks and secured by real estate assets for a maximum value of EUR1 billion.

The notes issued in the context of the operation have been subscribed for by Algebris NPL Partnership III, a Luxembourg law fund dedicated to investments in non-performing assets. The servicing of the receivables is carried out by Algos S.r.l., servicer captive of Algebris group, also through ReoCos and LeaseCos aimed at improving the value of the underlying assets.

Allen & Overy has advised on the deal in coordination with Silvia Corbella and Silvia Marcolini, respectively, head of legal and legal counsel at Algebris, with an Italian team led by partner Stefano Sennhauser and counsel Pietro Bellone, supported by associates Fabio Gregoris and Martina Gullino. Partner Francesco Guelfi, with senior associate Elia Ferdinando Clarizia and trainee Lino Ziliotti, have advised for tax profiles.

The firm has also advised Algebris Investments (Ireland) Limited in the constitution of the Luxembourg fund with a Luxembourg-based team.