Investors led by American investment firm Värde Partners and Italian credit manager Guber Banca have scooped up a non-performing loan (NPL) portfolio in Italy worth around €734m.

The acquired portfolio includes credits from 22 Italian mutual, rural, and cooperative banks.

The loans primarily originated in the country’s Northeast and Northwest regions.

The portfolio with over 1,300 positions was bought through a securitisation vehicle, which issued multi-tranche notes.

The sellers will be responsible for underwriting the senior notes, while Värde will be in charge of funding the junior notes.

Guber will be tasked with servicing the portfolio, while owning a minority share of the notes.

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By GlobalData

Commenting on the purchase, Guber CEO Francesco Guarneri said: “We are very pleased to have successfully completed the second tranche of the deal with CCB (Cassa Centrale Banca) which has reached a total of €2.1 billion (adding the first tranche with the second one), a market deal without any Government guarantee”.

Welcoming the deal, Värde partner and head of European real estate Francisco Milone termed Italy as an “incredibly important” market for the firm.

Värde and Guber have teamed up for similar reasons in Italy in the past as well.

Last July, the duo purchased an Italian NPL portfolio worth €1.39bn.

The portfolio was originated by 53 of the country’s cooperative, rural and popolari banks.

For both this transaction and the latest one, Barclays served as the financial institution partner.