GE Real Estate has teamed up with Pirelli RE and Calyon to acquire a EUR 2.6 bn portfolio of non-performing loans (NPL) originated by Banca Antonveneta and its subsidiary Interbanca. GE is buying a 50% stake in the portfolio, while Pirelli RE is taking a 16.5% interest through its joint venture with Calyon (67%- Pirelli RE 33%). Some 65% of the total acquisition price of EUR 530 mln will be financed with senior debt from Royal Bank of Scotland. Calyon is arranging mezzanine debt (subscribed by the buyers) and equity for the rest.
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