UniCredit recently finalized an agreement with four business-to-business real estate firms to market and liquidate its foreclosed real estate portfolio, which is valued at approximately $1.68 billion.

According to a UniCredit release, the agreement is between UniCredit and Sistemia S.p.A., Yard S.p.A., IT Auction S.r.l. and UniCredit subsidiary Subito Casa, according to a press release. UniCredit sees liquidation of the properties as a means towards its Transform 2019 plan, which includes reducing the group’s nonperforming exposures (NPEs).

The group picked up the properties through leasing contracts, which lead to UniCredit Leasing in Italy repossessing a variety of industrial, office, tourism and residential properties.

Negotiations with the contracted companies, which were chosen for their ability to work quickly and efficiently, began in 2017. UniCredit Leasing views the agreement, and marketing, monetization and sale of repossessed properties in general, as a key part of its strategy. The group is working to reduce its stock of NPEs through disposing of non-core assets.