Axactor has closed its biggest one-off transaction in 2018, with a large Spanish financial institution. The purchase is an unsecured portfolio with an outstanding balance of approximately €940 Mn across more than 100.000 claims. The portfolio comes with a significant number of paying cases, increasing the existing revenue from unsecured portfolios by more than 40% in 2019.
«Complementing recent announcements in Germany, Italy, Sweden and Finland this portfolio shows real commitment by Axactor in growth and diversification across both continental Europe and the Nordics. Combining this with existing forward flow commitments, Axactor is well placed for significant growth into 2019 and beyond» says Endre Rangnes, CEO, Axactor Group, in a press release.
«Axactor Spain is delighted to have secured this large portfolio in the last quarter of 2018. It provides us with momentum into 2019 across the whole business. It will complement our wins in the other product areas, 3PC, Secured and REO» says David Martín and Andrés López, General Directors of Axactor Spain.
Axactor plans to make this acquisition through their jointly owned SPV with Geveran and will finance the transaction using existing cash and credit facilities.
Original story: Property Magazine International
Photo: Axactor Spain
Edition: Prime Yield