Category: Structured Finance
Apollo, illimity form NPE JV
illimity Bank has entered into a binding heads of terms to form a 50:50 joint venture with certain funds managed by Apollo Global Management aimed at investing up to €500m in single-name distressed credit exposure secured by real estate assets in Italy. The JV - which will have an initial investment period of two years, with an option to extend - will pursue investments in non-performing and unlikely-to-pay loans with individual prices of up to €50m.
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