Italy's UniCredit SpA (UCG.MI) said Monday that it had agreed to sell a portfolio of non-performing loans to Mediobanca SpA's (MB.MI) MBCredit Solutions unit and an affiliate of Cerberus Capital Management LP.
The portfolio consists of secured and unsecured credits with a gross book value of about 715 million euros ($852.7 million), UniCredit said.
MBCredit Solutions has bought the unsecured segment of the portfolio, with a gross book value of EUR450 million, while Cerberus has bought the secured segment, which has a gross book value of EUR265 million, UniCredit said.
UniCredit also said that the sale forms part of its strategy to reduce its non-performing exposures, and that the transaction will be reflected in its fourth-quarter results.
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(END) Dow Jones Newswires
November 27, 2017 12:20 ET (17:20 GMT)