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npl-reo Market News: Italian Real Estate Intelligence

Intrum acquired NPLs for 1.9 bln €
03 August, Milano Finanza Intrum had completed NPL operations on the Italian market amounting to 1.9 billion € in total. Together with Deva Capital (Santander Group), Intrum acquired a leasing portfolio from Intesa Sanpaolo Provis and Ubi Leasing for a nominal value of 1.1 billion €, consisting of secured loans backed by approximately 750 assets. Deva Capital e Intrum had also entered an agreement to acquire from Intesa Sanpaolo a secured loans portfolio towards SMEs with a nominal value of around 610 million €. Finally, Intrum acquired from Intesa Sanpaolo and Bper an unsecured consumer credit portfolio with a nominal value of approximately 225 million €. Source: Milano Finanza Translator: Cristina Ambrosi
 
illimity to form a joint venture with Apollo to invest up to 500 mln € in NPLs
17 June, La Stampa illimity Bank entered a binding agreement with Apollo Global Management to form a joint venture to invest up to 500 million € in distressed credits. The investments will concern Italian bad loans and unlikely-to-pay backed by assets. illimity will also allocate 231 million € to the JV, which will have an initial investment horizon of 2 years. Neprix (illimity Group) has been appointed to manage the credits. Source: La Stampa Translator: Cristina Ambrosi