Zenith Service S.p.A. is pleased to announce the completion of the second real estate securitization carried out pursuant to art. 7.2. of Law no. 130/99. The transaction was carried out through the establishment of a dedicated special purpose vehicle (SPV) called “FARA Real Estate SPV” with the object of a series of real estate properties located in the municipalities of Salò (BS) and Pino Torinese (TO).
The first real estate project, located in the municipality of Salò (BS), is a sky – ground from which will be realized 7 houses and parking spaces on the ground floor. The second project concerns, instead, a real estate complex in Pino Torinese (TO) from which will be developed 4 apartments with relative parking places. This is a redevelopment project that provides for the overall enhancement of 5,500 cubic meters for residential use.
The securitization transaction consists of the purchase of these properties by the above-mentioned vehicle company with the consequent issue of Asset-Backed Bonds (ABS) by the same SPV, in two tranches, Senior and Junior, to be subscribed by qualified investors.
Zenith, together with its sole director, has provided the SPV and performs the roles of Corporate Servicer, Master Servicer pursuant to Law 130/99, Calculation agent and Representative of the noteholders, while the company specializing in real estate management, GMA, performs the role of Asset Manager, with responsibilities relating to the management, administration and development of the properties.
“Real estate securitizations represent an alternative and more efficient tool than traditional real estate funds, and this second transaction by GMA confirms this,” comments Umberto Rasori, CEO of Zenith Service. “Efficiency and speed of execution are key factors for the success of this type of transactions and we are pleased to have once again made our services available to GMA” continues Umberto Rasori.