Phoenix Asset Management completes securitization of beachfront hotel complex in Moneglia

Client(s) Phoenix Asset Management S.p.A.

Jones Day advised Phoenix Asset Management, as junior investor, jointly with an important Italian bank, as senior investor, in connection with the acquisition of a beachfront hotel complex in the Ligurian resort of Moneglia (Genoa). The purchase was completed by the vehicle Manzoni SPV, through a real estate securitization structure carried out pursuant to Article 7.2 of Law 130/1999 and the issuance of two classes of asset-backed partly paid securities fully subscribed by the two investors. In addition, as part of the transaction, Phoenix Asset Management serves as asset manager and Zenith Global as master servicer, corporate servicer, calculation agent, and representative of the noteholders.