- Pillarstone is the pan-European platform to support banks in managing exposures to non-core and underperforming assets
- Italian platform in full operation and Greek platform launched
- Pillarstone is actively evaluating opportunities for expansion into other countries
LONDON--(BUSINESS WIRE)-- KKR Credit today announced the further expansion of its Pillarstone platform in Europe through the signing of a binding agreement with Alpha Bank and Eurobank in Greece. The agreement builds on the successful progress of the Italian platform that was announced in June 2015.
Pillarstone is also evaluating opportunities to expand the platform in other European countries in the near-term.
The new platform in Greece will provide fresh long-term capital and operational expertise to large Greek corporate borrowers, helping them stabilise, recover and grow for the benefit of all stakeholders. As with the Italian platform, the Greek banks will share in the upside as the businesses' performance recovers. Subject to final Board approval, the European Bank for Reconstruction and Development (EBRD) is considering co-investing in partnership with KKR and the banks.
Separately, in April this year, Pillarstone Italy announced the signing of an agreement with Premuda, a shipping group listed on the Italian Stock Exchange. The agreement will strengthen the company through the injection of significant fresh capital and by supporting its management team as it implements a new industrial plan. As part of this transaction, a third bank - Banca Carige - is joining the platform alongside the two original partners in Pillarstone's Italian platform, Intesa Sanpaolo and Unicredit.
Johannes P. Huth, Head of KKR Europe, Africa and Middle East, said: "Pillarstone presents an innovative and timely solution to banks across Europe in managing specific underperforming exposures. The agreement in Greece is an important next step in the development of a pan-European initiative and, together with the successful development of the Italian platform, demonstrates the benefits of the model for both companies, banks, and the wider economy."
John Davison, CEO of Pillarstone, said: "We are delighted with the positive reaction of both companies and banks to the Pillarstone platform. There is a compelling opportunity to expand the platform further across Europe, building on the successful blueprint of our agreements in Italy and Greece."
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KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners' capital and brings opportunities to others through its capital markets business. References to KKR's investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P. (NYSE: KKR), please visit KKR's website at www.kkr.com and on Twitter @KKR_Co.
Pillarstone is a platform established in 2015 by KKR Credit, with John Davison as co-investor and CEO, to partner with European banks to create value by managing their exposure to non-core and underperforming assets on their balance sheets. The platform provides long-term capital and operational expertise to help the businesses which underpin these non-performing and non-core exposures to stabilise, grow and create value. It is a unique approach based on a collaborative model that benefits a wide range of stakeholders. Pillarstone is a portfolio company of certain funds and accounts managed or advised by KKR Credit.
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