Illimity Bank provides €33m financing to York Capital

The first loan, for an amount of €20 mln, was granted to a Luxembourg vehicle managed by York Capital Management Europe and is secured by corporate loans, guaranteed by real estate assets, with a total gross book value of around €150 mln. The properties - a hotel, offices and other properties intended for urban regeneration - were sold by a financial institution and purchased by York Capital in July 2020.

The second deal was finalised with another Luxembourg vehicle connected to York Capital for an amount of €13 mln and is backed by corporate receivables with a gross book value of around €85 mln, purchased in December 2020 by York and guaranteed by a hotel and a real estate complex mainly for residential use.

Since the beginning of its operations, Illimity has completed senior financing transactions for an amount of €470 mln.

Andrea Clamer, head of Distressed Credit Investment & Servicing of illimity, commented: ‘We are particularly satisfied for the completion of the two transactions. We have consolidated an intense and fruitful collaboration with York Capital, further confirmation of illimity's ability to establish solid relationships with its partners and to structure the financial solutions that best suit their needs. We are convinced that this collaboration will soon be strengthened with further deals.’
 
Federico Oliva, director of York Capital, commented: ‘These deals are particularly important for us as they confirm our focus on the Italian market of asset-backed special situations, always trying to create value for all the stakeholders involved. We are happy to have worked with illimity which proved to be particularly flexible, fast, and attentive to our commercial needs: we are confident that we built a mutually profitable and lasting collaboration. Thanks also to the various advisors involved, without whom it would not have been possible to complete the deals within the originally set timescales.’