Investcorp closes $375m for second Italian NPL fund

Elena Ranguelova
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Updated 01 June 2020

Investcorp closes $375m for second Italian NPL fund

Investcorp, a global provider and manager of alternative investment products, has announced the fully subscribed final closing of approximately 340 million euros ($375 million) in commitments for its second vintage Italian Distressed Loan Fund II (Italian NPL Fund II), which is exclusively advised by Eidos Partners, a Milan-based advisory firm and credit specialist. To date, more than 460 million euros in assets have been allocated toward Investcorp and Eidos Partners’ Italian nonperforming loans (NPLs) strategy.

Italian NPL Fund II invests in non‐performing loans secured by residential and commercial real estate in Italy. The fund represents Investcorp’s ninth Special Opportunity Portfolio (SOP). In 2011, Investcorp launched its first SOP with the aim of taking advantage of opportunities arising from market dislocations and structural shifts.

Timothy Mattar, global head of distribution at Investcorp, said: “Several years ago we identified that many banks across Italy would need to reduce their credit exposure and strengthen their balance sheets, creating opportunities for investors with strong underwriting expertise. We know the Italian NPL market well and we have further strengthened our capabilities through partnerships with dedicated local expertise in the Italian credit market.”

Elena Ranguelova, portfolio strategist, said: “There are compelling opportunities to acquire attractive loans at significant discounts in the Italian NPL market. We believe that our latest NPL fund will help fulfill an important market need and we are committed to leveraging our expertise and resources to create value and help Italian consumers and businesses during this time. We appreciate the support from our existing limited partners and new investors, and we look forward to continuing to build upon our partnership with Eidos.”


Work progresses as planned on Makkah’s Masar project

Updated 08 July 2020

Work progresses as planned on Makkah’s Masar project

Umm Alqura for Development and Construction (UAQ) — the owner and developer of the Masar destination in Makkah — has confirmed that work is underway to complete the remainder of the infrastructure phase for the project.

It features King Abdul Aziz Road as its core component and is being brought to life under the slogan “Dedicated to Makkah.”

The company began the infrastructure work after completing the preliminary stage, which included the inventory and demolition of properties in the six unplanned neighborhoods of Al-Hafayer, Al-Hindawiyyah, Al-Tandabawy, Mansour Street, Jabal Ghurab, Al-Raseefa, and Al-Zahareen.

Before the work began, property treatment procedures were finalized with the owners of around 4,000 residences in these neighborhoods.

Yasser Abuateek, CEO of UAQ, noted that Masar would be a vital and distinguished addition to Makkah, as it aims to become a modern landmark and an advanced cultural destination.

“We are looking forward to cooperating with investors and companies in the destination, which will set new standards by establishing an integrated development structure and providing investment opportunities.

“Masar will play an active role in diversifying economic activity and promoting Makkah’s position as a modern developed city. In addition, it will contribute to fulfilling the objectives of the Kingdom’s Vision 2030 by increasing the number of pilgrims to 30 million by the year 2030.”

The infrastructure phase of Masar comprises several key elements, including pedestrian underpasses and service tunnels 3,650 meters long and 320 meters wide over an area of 1.25 million square meters.

This will be complemented by a rapid transit bus network and the  Makkah Metro as well as car parks and bridges, connecting the destination to the western entrance of Makkah. Seventy-one percent of the bridge work has been completed with construction progressing as planned.

Meanwhile, the pouring and building of concrete blocks for the Makkah Metro Tunnel is 99.8 percent completed. The construction of Makkah Metro Station A has been 96.99 percent completed, which includes lines A and B as well as the Abdullah Areef Road Tunnel.

The infrastructure work for Makkah Metro Line B near the King Abdullah Mosque has reached 85 percent, including construction on the Mansour Road Tunnel.

Abuateek stressed that the infrastructure features an underground utility gallery dedicated to electricity, communication, sewage, district cooling, and solid waste management system services. This is to ensure that the area is prepared for development.

UAQ has devoted attention to safety, sustainability, and the preservation of Makkah’s natural environment. The company has handled the destination’s environmental elements with professionalism, particularly groundwater.