illimity and Apollo announce a strategic joint venture

By Megha Bhattacharya

illimity today announced that it has entered a 50:50 joint venture with certain funds managed by Apollo Global Management Inc. The joint venture, 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 and with a single price of up to 50 million euro.

Andrea Clamer, Head of Distressed Credit & Servicing Division of illimity said, “We are very proud to have entered into this 50/50 partnership with one of the main investors worldwide, which confirms illimity’s role as a primary player in the Italian non-performing loan market and its international recognition. The selection of neprix as sole special servicer accelerates the development of neprix’s third party servicing activities and is the recognition of the quality of the management of non-performing loans activities and of the success of the underlying business model”.

According to the companies, the joint venture will see the direct involvement of illimity’s Special Situations Real Estate teams and Apollo’s European Principal Finance teams. The definitive agreements are expected to be entered into, and the transaction is expected to be completed, within the third quarter of 2021.

Recently, viafintech and illimity Bank announced a partnership enabling the latter’s clients to use the viacash feature in their mobile banking app. viafintech’s service- Cash Deposit, allows customers to deposit cash efficiently. illimity Bank’s customers will be able to perform deposit also in the supermarket using the new feature in their Mobile Banking app, through a network of over 1000 Point of sales in Italy.