Axactor has acquired its first secured portfolio in Spain
Oslo, 22 June 2017 - Axactor has purchased its first secured
transaction in Spain. The portfolio is being sold by a large
financial Institution and contains roughly 600 assets with an
Appraisal Value of around EUR 50m. This purchase will allow Axactor
to access another large and growing 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 to
include a variety of asset classes, both when Axactor is investing
on it’s own or as part of a co-investment, where including secured
assets will make certain investments more attractive.
"This transaction has been an exciting project to expand the Axactor
model beyond the unsecured space and to allow the business to
benefit from the broader NPL market, not only in Spain but also
potentially across other European markets. 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 the first Secured
transaction for Axactor, demonstrating clearly the determination of
the team to develop the business across all NPL segments. The team
are also highly motivated to move into this new asset class,
increasing the profitability both on our owned assets and for our
third party servicing business.”, says Andrés López and David
Martín, General Managers of Axactor Spain.
This transaction will be funded from existing cash and credit lines.
For additional information, please contact:
Endre Rangnes, CEO Axactor
Mobile phone: +47 4822 1111
Email: [email protected]
or
Geir Johansen, CFO & Investor Relations, Axactor
Mobile phone: +47 4771 0451
Email: [email protected]
www.axactor.com
About Axactor
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 875 employees.
