AREC - Aurora REcovery Capital S.p.A.

Aurora Recovery Capital S.p.a is primarily specialized in the management of large Non-performing and sub-performing loans (NPEs) in Italy secured by real estate assets. In 2017 AREC took on the management of a €1.4bn gross book value portfolio of large secured real estate exposures in which funds managed by GWM and PIMCO co-invested alongside Unicredit. As of 2020 AREC’s total Portfolio under management is of circa €2,7 bln of GBV all composed by Loans secured by real estate assets with an open market value of circa €2,4 bln (more than 5 mln sqm of GLA all across Italy). The focus of AREC is to manage large real estate loans (typically >€20m each), where AREC could add value leveraging on the expertise of its’ team through either: Non-Performing and Sub-Performing Loans (NPE) Servicing, Real Estate Asset Management, Real Estate Development, Securitization, Corporate and Debt Restructuring, Complex Negotiations with borrowers and lenders, Bankruptcy and other legal procedures. All the portfolios under management benefit from a bottom-up underwriting and an ongoing loan by loan approach, as opposed to the classic statistical approach generally adopted on the granular NPL portfolios. So far, AREC has successfully provided to its investors support regarding structuring, transacting, origination and asset management / recovery. AREC employs ca. 45 professionals with the following key competencies: •​Corporate and Debt Restructuring •​Real Estate Development •​Real Estate Asset Management •​Complex Borrower Negotiation •​Bankruptcies/Legal Procedure which combined, consent its unique model to pioneer the Italian NPL and “Unlikely to Pay” servicing market. AREC is the only operator in Italy offering these services only focusing on large real estate secured exposure while the other operators being principally managers of granular non-performing loans portfolios managing essentially legal procedures.