Eurocastle (listed on Euronext Amsterdam Exchange under symbol “ECT”) is a publicly traded European company and a leading investor in Italian distressed debt and real estate. Externally managed and advised by an affiliate of Fortress Investment Group.
chart from company's Q3 2016 investor presentation
Aim to drive growth primarily through investments in:
- Italian Loan Servicer (doBank + Italfondiario)
- Italian NPLs
- Italian RE Funds
doBank history (from wikipedia): At 31 December 2012 the book value of the company was valued as €3.3 billion. In 2013 UniCredit write-down €620 million for the value of UniCredit Credit Management, to €2.7 billion. In 2014 a further write-down of €1.5 million was made.
doBank was bought by Fortress and Eurocastle (50% each) for roughly € 530 million, including Unicredit NPLs. - cost split between platform (estimated 300 mil.) and NPLs (estimated € 230 mil). source: soldiweb.
Italfondiario cost, in July 2016: € 27 mil.
June 2016: Eurocastle, un'opportunità di tipo contrarian nei servizi di prestito italiano (in Italian)
December 2016 - Eurocastle today announces that the Company, together with other affiliates of Fortress Investment Group LLC, has agreed to acquire a significant portion of a €17.7 billion portfolio of Italian non-performing loans from UniCredit S.p.A. The transaction entails an anticipated equity investment for Eurocastle of between €50 million and €70 million, dependent on the level of interim cash collections from the portfolio.
February 2017: Italian debt collector doBank picks banks for listing-sources - Reuters
Italy's doBank, a debt collector controlled by U.S. investment firm Fortress, has picked Citigroup, JPMorgan and UniCredit as global coordinators for its stock market listing, three sources close to the matter said.
DoBank is monitoring financial markets with an aim to list by June, one of the sources said on Thursday confirming a report in Italian newspaper Il Sole 24 Ore.
July 2016 - Myths and Reality about Asset Quality
This paper examines the Italian banking system’s NPL problem, which ties up capital, weighing on bank profitability and authorities’ economic reforms.
July 2016 - NPLs: Far more firepower needed - Credit Suisse
We initiate coverage of four Italian banks, having run our own asset quality review ahead of the European Banking Authority's latest stress-test results due on 29 July and ECB guidance on NPLs later this summer.
August 2016 - DoBank si avvicina a Piazza Affari (in Italian)
September 2016 - Forecasting non-performing loans in Europe - Unicredit
Our model signals a decline in the Italian non-performing loan ratio from 18% (in % of gross loans) last year to 161⁄2% in 2017 and 14% by 2020.
September 2016 - NPL meeting
September 2016 - Banca Ifis - Filling the gap – Italy’s non-performing loans update
November 2016 - UNICREDIT, IL PROGETTO DI VENDITA DELLE SOFFERENZE È DAVVERO F.I.N.O.? (in Italian)
December 2016 - MARKET WATCH: IL NUOVO OSSERVATORIO DI BANCA IFIS SUL MERCATO ITALIANO DEL CREDITO (in Italian)
December 2016 - Unicredit cartolarizza 17,7 mld di Npl lordi con Fortress e Pimco (in Italian)
March 2017: DoBank capitalizzerà 650-750 mln euro. Sbarco a Piazza Affari dopo l’estate (in Italian)