In September we launched the second subfund RHAPSODY II, and we raised aprox EUR 23 million (APS CREDIT FUND SICAV raised together aprox. EUR 55 million). The subfund represents an investment opportunity with an expected above-standard return. The newly established fund aims to purchase problematic overdue receivables

The first subfund RHAPSODY has collected over EUR 32 million, focuses on investments into distressed debt transactions and large corporate receivables secured by real estate assets. Examples of such collateral include logistics centers, hotels, office and residential buildings, and land. The fund set its investment strategy to reflect the economic situation of companies and consumers being burdened by the consequences of the global post-COVID-19 environment.

Fund was fully invested and allocated a total of EUR 87 million across sixteen well-diversified transactions.

This purchase meant we became the leading debt investor and servicer in South-eastern Europe. Our Real Estate division introduced the Casazela and Syndre Valuation network operating in Croatia, Czechia, Hungary, Romania, and Serbia.

We launched operations in Greece by securing the biggest deal in our 15-year history – Piraeus Bank’s NPL portfolio with a NV exceeding EUR 2.3 billion. The APS Real Estate wing took over part of the commercial leasing portfolio originally held by the Real Estate Division of Immigon and started managing contracts with a total value of EUR 13 million. Finally, we proceeded to set up offices in Bosnia and Herzegovina and Montenegro.

Additionally, APS acquired Hellenic Bank Public Company Ltd’s NPL and real estate management business in Cyprus, thereby initiating the full operation of the new Real Estate division. The aim of the collaboration was based on a joint-venture model to support the recovery of the Cypriot economy.

We continued growing and entered the markets in Croatia, Hungary, and Cyprus – where we successfully participated in NPL portfolio auctions. Moreover, this year was marked by the launch of APS Delta, a Luxembourg non-regulated securitization vehicle.

We launched a brand-new real estate investment services division in the same year, thereby broadening the range of our product portfolio.

APS marked another momentous step in its history. The initiation of our respected relationship with the International Finance Corporation (IFC; a member of the World Bank Group) was another turning point in our development

In 2012 greenfield expansion into Bulgaria, where we successfully obtained the first corporate NPL portfolio ever to be marketed in that country, took place

Slavia Capital consolidated its NPL portfolio and raised new capital for a Slovak–Cypriot investment structure named Serraghis Loan Management. Furthermore, a considerable securitization fund from Verde in Poland was acquired.

Our company saw a year of remarkable expansion. With the backing of London and US-based investors, new investment platforms were established in Poland and Romania.

APS performed its first cross-border transactions in Serbia and Slovakia and progressively expanded its operations and services.