Zenith Service S.p.A. is pleased to announce its participation, with its services, in the launch of the Algebris Real Estate securitization transaction structured pursuant to article 7.2 of the Italian Securitisation Law n. 130/99.
The securitisation involves the proceeds deriving from a real estate property used for instrumental purposes and sold to the securitisation vehicle (SPV) by a closed-end investment fund. The acquisition of the property was financed both through the issue of partly-paid ABS notes — underwritten by Algebris NPL Partnership III for a maximum amount of Euro 500 million – and through the granting of a bank loan to the SPV.
Zenith, in the transaction, acts as Master Servicer, Corporate Servicer and Calculation Agent.
Tiziana Bertolazzi, Head of Origination & Solutions, commented: “This transaction, successfully executed and within a very short timeframe, is the first securitisation structured in Italy with a bank financing in accordance with article 7.2 of Law 130/99. We thank Algebris and all parties for our involvement in this important transaction”.
Umberto Rasori, Chief Executive Officer, commented: “Zenith is delighted to have cooperate with Algebris in one of the first real estate securitisations on the Italian market, maintaining its leadership in this innovative type of transaction”.