In evidence Newsroom NPL - Distressed Asset Real Estate

iREC, illimity’s real estate credit fund reaches 380 million euros in funding

The Italian illimity Group completed 5 new closings of the illimity Real Estate Credit Fund in the last quarter of 2023.

iREC is a contribution fund reserved for institutional investors and dedicated to investments in distressed loans – mainly UTPs – guaranteed by real estate assets and in the form of both mortgage loans and rental contracts.

These last 5 closings concern the acquisition of corporate mortgage positions for 92 million euros. Just a year and a half after the launch of the Fund, total loans rose to 380 million euros, doubling the funding balance compared to the first closing which took place in August 2022.

As Stated, iREC can currently count on 7 banking groups as unit holders, each of which with less than 25% of the total subscriptions, demonstrating the high level of diversification that characterizes the Fund.

Among the main characteristics of the Fund we note the fully operational management of short-term credit lines and the continuous securitization of loans and rental contracts.

The Fund also collaborates with the other specialist areas of illimity Bank, in particular with ARECneprix – asset manager specialized in the management of loans and properties and in the structuring of complex operations – which acts as special advisor and special servicer of iREC. This allows us to combine diversified and vertical skills, ensuring an integrated and informed approach to investments.

Paola Tondelli, Head of UTP & Turnaround Funds in illimity SGR, commented: “iREC confirms its pledge to provide top-quality solutions for managing distressed real-estate credit by means of a clear strategy, a dedicated team and a constant commitment to our unit-holders designed to identify investment opportunities and maximise their value. Thanks to the professional qualities of a working group having indepth knowledge and expertise in both distressed credit management and the real estate sector – as well as the specialist support of ARECneprix – the Fund is able to cover the whole value chain as part of the management of distressed loans secured by real estate assets. We will continue our growth path in synergy with the illimity Group as a whole, in order to achieve new and important goals.”

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Managing Director of Credit Village, Roberto Sergio has more than 20 years of experience in NPL and distressed debt in the Italian and International market. He is the editor of the NPL column in Credit Village Magazine and the director of Credit Village's National NPL Market Observatory.

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