Rome, 12 July 2023

Today the real-estate securitization vehicle Real Estate SPV Project 2203 S.r.l. (a special-purpose vehicle) finalized the purchase of a real-estate portfolio owned by Coop Alleanza 3.0. In the transaction – among the first securitizations in the real estate sector in Italy – Banca Ifis is acting as arranger and calculation agent, while DeA Capital Real Estate SGR is acting as advisor in structuring the transaction and strategic management of the portfolio.

The portfolio consists of properties for mainly retail use, units in shopping malls, supermarkets, neighborhood stores, and, residually, the tertiary and logistics sectors. The properties are mainly located in Emilia-Romagna, Friuli-Venezia Giulia and Puglia. The Portfolio is mostly leased to multiple tenants, with occupancy of nearly 96%.

The purchase value of the portfolio is approximately €50 million.

The SPV's purchase of the portfolio was financed through the issuance of four classes of asset-backed securities (VAT, senior, mezzanine and junior notes) subscribed by Banca Ifis, Coop Alleanza 3.0 and Frontis NPL.

Within the framework of the transaction:

DeA Capital Real Estate SGR, as advisor, provided support in structuring the transaction and will assist the SPV with portfolio management activities.

and acquisition and management of impaired loan portfolios, acted as arranger of the transaction, in addition to subscribing all senior notes and some of the mezzanine notes. Banca Ifis will also play the role of calculation agent. This brings the total number of securitizations structured by Banca Ifis since the launch of its dedicated business unit in 2021 to over €1.5 billion.

Coop Alleanza 3.0 is the seller of the portfolio and subscribed the VAT notes and some of the mezzanine and junior notes. With 400 stores and 2.2 million members, Coop Alleanza 3.0 is the leading consumer cooperative in Italy and among the foremost in Europe, in addition to being a major player in the real estate sector, with real estate assets of over €2 billion. About half of these assets are properties unrelated to the cooperative's core business. The properties contributed to the securitized portfolio fall into this category.