Clifford Chance Advises on US Investment Fund's €350M Acquisition of Banco BPM NPEs

Clifford Chance LLP successfully advised a US-based investment fund and its affiliates in acquiring a distressed credit portfolio from Banco BPM S.p.A. The portfolio, valued at approximately €350 million, includes non-performing exposures from both terminated and active leasing and banking agreements, combined with underlying leased assets and associated legal arrangements. This complex transaction was structured through an Italian securitization framework and involved several parties. Alcazar SPV S.r.l. purchased the loans, financing the acquisition by issuing asset-backed notes to the fund's affiliates. The leased assets and legal relationships were acquired through a combination of sale and partial demerger by Tago LeaseCo S.r.l., a special purpose vehicle as part of the securitization process, while some banking agreements were taken over by Banca Finint. Clifford Chance's team was led by partner Gianluca Fanti and included other key legal professionals.