Morgan Stanley Real Estate Funds (MSREF) and Pirelli RE together with the Special Situations Group (SSG) of Morgan Stanley announced the purchase of a portfolio of mortgage and corporate loans from BNL.
This is one of the most significant deals in the sector in 2004. The portfolio, in fact, has a gross book value of â¬430 million and consists of credits deriving from loans granted to 21 groups, more than half secured by industrial properties.
The portfolio just acquired will be securitized in 2005 through the special purpose vehicle ICR (8), that was set up under Law 130/99.
Morgan Stanley acted as financial advisor and Bonelli Erede Pappalardo as legal advisor.
Source: Pirelli RE