Marco Sion Raccah

General Manager

Rome and Milan Office

€4.5 bn of GBV NPLs guaranteed by real estate AUM in Resi, Hotel and Retail

Marco Sion Raccah has over 13 years’ experience in non-performing loans investment secured by illiquid real estate assets and over 16 years’ experience in real estate development and conversion project management


  • Marco Sion Raccah is General Manager of AREC since 2016
  • Prior to joining AREC as General Manager Marco Sion Raccah was for 10 years an executive director and then the CEO of Finance Roma where he bought, managed and developed a large amount of NPL backed by real estate assets
  • Before Finance Roma he worked at Bain & Company, dealing with various institutional clients including Deutsche Bank Real Estate, Impregilo and Eni
  • Marco Sion Raccah holds a degree in Engineering Management from La Sapienza University of Rome

Matteo Cidonio


Rome and Milan Office

€17bn Real Estate Resi, Hotel, Retail and Office transactions

Matteo Cidonio is a Managing Partner of the GWM Group and Chairman of Aurora Recovery Capital. He has over 22 years experience in real estate investments and in the finance sector


  • Prior to joining GWM Matteo Cidonio was managing director of BNP Paribas, CIB division, heading the real estate division for Europe ex-France, and before that he held a similar role within the global real estate group of Lehman Brothers
  • Matteo Cidonio executed over €17bn of real estate transactions in Europe and some of the most prominent transactions in the Italian real estate sector
  • He holds a bachelor’s degree in Economics from the Università Cattolica, del Sacro Cuore in Milan

Cyril Choppin de Janvry

Board Member, Structuring and Business Development

Rome and Milan Office

€4.5bn CRE transactions and CMBS, NPL trades and portfolio management

Cyril Choppin de Janvry focus is on Portfolio Management, Business Development & Transactions Structuring. He has 18 years of experience in the real estate and structured finance sectors


  • Prior to joining AREC as Board Member, he was Senior Vice President and Portfolio Manager at PIMCO Europe Ltd focusing on commercial real estate assets and commercial mortgage-backed loans and securities
  • Cyril Choppin de Janvry was also director at Dexia Group, where he originated and structured European CRE loans, and director and committee voting member at Fitch Rating where his team was taking care of EMEA CMBS transactions
  • His earlier roles include deal leader at Archon Group France, part of Goldman Sachs Group, where he was in charge of the analysis of targeted real estate portfolios and of the acquisition due diligence process; he was also portfolio manager at Archon Group Italia
  • He holds a degree from l’ESSCA and a MBA from HEC in Paris

Mario Miano


Rome Office

Mario Miano is a Corporate Finance and Real Estate specialist with more than 15 years of experience


  • Prior joining AREC, he acted as General Manager of Parsitalia Real Estate, where he implemented the reorganization of the Group with a focus on the corporate areas of the Company
  • In Parsitalia Real Estate Mario Miano was also Member of the Board
  • He previously was Director at Alitalia, Responsible for M&A activity
  • Mario Miano began his career in KPMG Corporate Finance, where he reached the Associate Director role
  • He holds a degree in Economics from the Sapienza University of Rome

Stefania Emili

Head of Asset Management

Rome Office

Stefania Emili has over 15 years’ experience in the financial industry of which over 12 years in the distressed debt sector, both from the buyside and sell-side perspective


  • Prior to joining AREC Stefania Emili was Head of Asset Management at REV-Gestione Crediti Spa, Italian bad bank 100% owned by Bank of Italy, where she was in charge of the valorization of a €10bn NPL portfolio and negotiated the disposal of two sub-portfolios for a total exposure of c. €1.3bn
  • Before that Stefania Emili was Director at Merrill Lynch/ Bank of America in the Global Credit and Special Situations Group investing in distressed debt across Europe and Italy in particular
  • Stefania Emili began her career working 3 years in the M&A division of JPMorgan Chase in London
  • She holds a degree in Economics from the Luiss Guido Carli University of Rome