Illimity and Apollo form JV to invest in bad loans secured by real estate in Italy

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MILAN (to Reuters). Italian bidder bank Illimity and US fund Apollo Capital Management intend to set up a joint venture to invest up to € 500 million ($ 597.40 million) in problem loans backed by real estate in Italy, they said Thursday.

The 50-50 partnership will have an initial investment period of two years, which can be extended, and will target problem and unlikely loans with a flat price of up to 50 million euros.

Illimity will contribute € 231 million in JV loans at gross par value.

The transaction is expected to be completed by the third quarter ($ 1 = 0.8370 euros).

Reporting by Andrea Mandala; Editing by Agnieszka Flack

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