Axactor closed first transaction in partnership with Geveran Trading Co. Ltd.
Axactor has reach an agreement with one of the leading financial
institutions to execute a large primary transaction in Spain. The
portfolio can be split into 3 distinct segments, one is composed
of unsecured NPL's with an outstanding balance of close to EUR300m
across more than 11.000 cases. The second segment contains in
excess of EUR94m in secured NPL's across circa 150 cases and
finally the third segment contains roughly 450 Real Estate Owned
assets with an Appraisal Value of around EUR40m. This combined
transaction will be one of the largest portfolios acquired by
Axactor and is of a similar size to the acquisition made in Sweden
earlier in the year.
This agreement will allow Axactor to reinforce its position in the
Spanish NPL's market and elevate its presence in the large and
growing REO's market, where the existing business in Spain already
has some of the competencies required to manage large volumes both
on its own portfolios as well as for third party clients. The
diversification is expected to offer significant opportunities
given the continued trend in portfolio sales including a variety
of asset classes, both when Axactor is investing on its own or as
part of a co-investment, where including secured assets will make
certain investments more attractive.
"The addition of this portfolio will be significant for Axactor
since the composition of the portfolio will allow Axactor to
increase its presence in REO's market while reinforcing Axactor
position in NPLs market. This level of diversification will allow
the business to maintain the focus on delivering healthy margins
through access to a much broader number of opportunities coming to
market over the coming years. ", says Endre Rangnes, CEO Axactor.
"The Axactor team in Spain is delighted to close this agreement,
demonstrating clearly the determination of the team to develop the
business across all NPL segments..", says Andrés López and David
Martín, General Managers of Axactor Spain.
This transaction will be funded from existing cash and credit
For additional information, please contact:
Endre Rangnes, CEO Axactor
Mobile phone: +47 4822 1111
Geir Johansen, CFO & Investor Relations, Axactor
Mobile phone: +47 4771 0451
Axactor Group specializes in both Debt Collection and Debt
Purchasing across several countries, with operations in Italy,
Germany, Norway, Sweden and Spain. The company has a Nordic base
and an ambitious Pan-European growth strategy, which targets the
market for non-performing loans (NPL) in Europe. This market is
estimated to be about 1,500 billion euros across Europe providing
significant opportunities for Axactor's future expansion. Axactor
has approximately 900 employees.