Transaction / Assets Seller Buyer € MM
Lindorff Acquires 94% Of Aktua For €331M
3 May 2016 – Expansión
Santander retains a 6% stake / The fund Lindorff has acquired the real estate platform, along with its 400 employees and network of 20 offices from Centerbridge.
Lindorff is redoubling its commitment to Spain and, specifically, to the real estate sector. Yesterday, the fund reached an agreement with Centerbridge and the other shareholders to acquire 94% of Aktua, the platform that manages homes and debt from BMN, Ibercaja and some from Santander. According to reports by the Norwegian group, the operation is worth €313 million, including deferred and contingent payments. Santander will retain the remaining 6% stake.
Founded in 2008, the former real estate arm of Banesto, now has more than 400 employees and a network of more than 20 offices located all over the country. Following the purchase of Gestión de Inmuebles Salduvia, formerly owned by Ibercaja, the entity went onto manage more than 42,000 real estate assets, worth more than €8,000 million.
Centerbridge acquired the company from Santander’s subsidiary in 2012 for €100 million. The fund owned 83% of the capital, 6% belonged to Santander and the remainder, 11%, was shared between its own managers, including the CEO and former director of Banesto, Enrique Dancausa.
The company generated an operating profit of €38 million in 2015. “Spain is an important growth market for Lindorff”, said Klaus-Anders Nysteen, the CEO of Lindorff. “The operation provides us with a solid platform in the market for managing foreclosed assets, incorporating new capacities to achieve higher growth in the non-performing mortgage debt sector in Spain, and subsequently in other markets”, added Nysteen.
The purchase price and refinancing of Aktua’s debt will be financed by capital investment from Lindorff, as well as through the renewal of its credit lines, to reach €195 million.
Original story: Expansión (by J.Z. and D.B.)
Translation: Carmel Drake