Italy’s DoValue has sold its non-performing loan (NPL) business in Portugal to Sweden’s Albatris, which includes a portfolio of around €500 million in assets under management.

The sale, which began earlier this year and was led by PwC Spain, was completed at the end of last month. Since then, DoValue Portugal, which employs around 60 people, has been renamed Stellarvest and is now enjoying a new lease of life with a new owner but the same management team.

Before being sold to an Albatris vehicle, Stellarvest, as it is now called, underwent a restructuring process to become a ’boutique servicer’, concentrating various asset recovery and management services on complex and troubled assets acquired from banks in recent years.

It now offers not only NPL and real estate asset management, but also advisory services (due diligence of NPL portfolios, etc.), servicing and securitisation.

Negative impact of 3 million

For the Italian group, the sale of the Portuguese business had a negative impact of around three million euros, a figure that was already included in the first-half accounts.

However, DoValue points out that the exit from the Portuguese market “will reduce its financing needs for a unit that was operating on a small scale with limited growth prospects, taking into account the context of the NPL market in Portugal”.

The Portuguese company’s accounts show a decline in turnover in recent years: from 21.5 million euros in 2019 to around five million last year, according to the InformaDB platform. It closed 2023 with losses of 6.6 million euros and negative equity of 4.2 million.

Original Story: Eco | Author: Alberto Teixeira
Edition and translation: Prime Yield