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18th June 2021
Illimity announce strategic joint venture with Apollo Global Management
illimity, Italy’s digital bank founded by Corrado Passera, former CEO of Intesa Sanpaolo and government minister of industry, has announced a strategic joint venture with Apollo Global Management to invest up to E500m in distressed credit exposures secured by real estate assets in Italy.
The JV, which will have an initial investment period of 2 years, with an option to extend, will pursue investments in NPL and UTP loans mainly secured by real estate assets up to a value of E50m.
Illimity and Apollo will be 50:50 investors with equal governance rights and illimity will also contribute approximately E231m of gross nominal value of loans previously purchased, which is representative of part of the current special situation real estate investment portfolio of the bank.
Neprix srl, a company of illimity Group established specifically to develop innovative methods for the management of distressed corporate credit, will serve as sole special servicer for the management of the investments.
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