September 28, 2018 / 2:58 PM / 2 months ago

AnaCap buys two Italian bad loan portfolios for 225 mln euros

MILAN, Sept 28 (Reuters) - AnaCap Financial Partners has acquired two portfolios of soured bank loans in Italy for an overall value of 225 million euros, the European private equity firm said on Friday.

A deep recession that ended in 2014 has turned Italy into Europe’s biggest market for impaired bank debt.

AnaCap said it had bought a 141 million euro portfolio from regional lender Volksbank comprising mainly loans to small businesses backed by property in northern Italy.

It also bought 84 million euros in bad corporate loans granted by Banca di Pisa e Fornacette and mostly backed by real estate assets in Tuscany.

Separately, debt servicing firm Phoenix Asset Management said it would manage the portfolios on behalf of AnaCap after helping the buyer by carrying out a due diligence on the loans. (Reporting by Valentina Za; Editing by Elaine Hardcastle)

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