Credit fund PVE Capital has purchased a €408m (£297m) Italian non-performing loan portfolio.
The purchase is part of an on-going strategy to enter the Italian NPL market in what the company describes as “the right environment to start investing in this market”.
The portfolio consists of approximately 1,000 underlying loans on a 75% secured basis, the majority of the loans (65%) are residential loans and the balance commercial loans.
PVE has purchased the portfolio from a small Italian banking institution which had done significant credit work on the portfolio before selling it to PVE.
