Its gross non-performing assets ratio declined to 4.33% at the end of September from 4.91% a year back. Net NPA ratio was at 2.59% against 2.83%. Provision coverage ratio fell to 41.22% from 43.65%.
By IPE staff2020-12-22T15:49:00+00:00
A debt fund managed by GWM has provided €70m financing for the acquisition and development of a portfolio of logistic assets in Italy.
GWM’s Commercial Real Estate Debt Opportunities Fund (CREDO Fund) is providing the loan for the assets held by the Italian Logistics Fund, a vehicle managed by Savills Investment Management and backed by lead investor Angelo Gordon alongside local logistics partner Bell Real Estate.
Conduit Real Estate acted as debt advisor to the borrower.
Tracy DeBlieck, managing director at Angelo Gordon, said: “As highlighted by our ability to fully pre-let the first development asset in this portfolio prior to construction, demand for logistics space – particularly build-to-suit – in Italy remains strong, and we look forward to working in partnership with Bell Real Estate and Savills Investment Management SGR to continue unlocking value across these properties.”