Axactor has purchased its first secured transaction in Spain
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 €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.