Apollo forms distressed credit JV with Milan-based Illimity

Illimity Bank and Apollo Global Management have formed a 50/50 joint venture to invest in single-name, real estate-backed distressed credit in Italy.

The deal is to invest up to €500 million ($596 million) in distressed credit secured by Italian real estate assets over a two-year timeframe. Investments will be in NPL and UTP loans with a single price of up to €50 million.

Illimity is a Milan-based digital bank founded by Corrado Passera, the former CEO of Intesa Sanpaolo and the government minister of industry.

According to the . . .

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