Tag: debt management

Lone Star Sells c.1,000 NPLs & 600 Foreclosed Homes To Cabot

3 April 2017 – Idealista

The loan management firm Cabot has purchased Project McLaren from the US fund Lone Star. The portfolio contains more than 1,000 non-performing mortgages worth €102 million and more than 600 homes with a combined appraisal value of €51 million, according to financial sources consulted by Idealista. The properties that secure the mortgages and the homes are primarily located in Madrid, Andalucía, Cataluña and the Community of Valencia.

Cabot, together with Link Finanzas, were the two firms that initially expressed interest in this portfolio, but in the end, the former has acquired the project for an amount that has not been disclosed.

On the basis of their appraisal values, the properties that secure the mortgages are located primarily in Andalucía (21%), Cataluña (21%), Madrid (15%), the Community of Valencia (12%) and the Canary Islands (10%). In terms of the portfolio of homes, they are primarily located in Andalucía (26%), Cataluña (21%), Madrid (12%) and the Community of Valencia (11%).

Lone Star has become one of the most active funds in the Spanish real estate market. Following its purchase of the real estate company Neinor from Kutxabank for €930 million, the fund now wants to become the largest property developer in the country. Neinor Homes debuted on the stock market last month.

Another important operation was Cabot’s purchase, together with JP Morgan, of a package of real estate loans from Commerzbank worth €4,400 million. That portfolio contained loans secured by high-quality assets such as the Zielo Shopping Centre in Pozuelo de Alarcón (Madrid) and the MN4 Shopping Centre in Valencia, as well as the Ritz and Gran Meliá Fénix hotels.

Meanwhile, Cabot Credit Management is the largest manager of unpaid debt in the United Kingdom and Ireland. In 2015, together with the fund Elliot Asesores, it acquired the platform Paratus, which specialises in the management of problem assets. Since last year, it has also owned Gesif, another platform specialising in debt management and investments in portfolios of problem loans in Spain. (…).

Original story: Idealista (by P. Martínez-Almeida)

Translation: Carmel Drake

Axactor Buys Its Fifth Debt Portfolio In Spain For €565M

2 August 2016 – Cinco Días

The Norwegian company Axactor is continuing with its commitment to Spain. Yesterday, it announced the purchase of a new debt portfolio in the Spanish market for €565 million, which represents the company’s fifth operation this year. In this way, Axactor is pushing ahead with its growth strategy in Spain and is strengthening its position as one of the main operators in the debt management sector. Juan Manuel Gutiérrez (pictured above right), Head of Axactor in Spain, confirmed that “ we are totally focused on growth: this acquisition forms part of our plans to continue increasing our presence in the Spanish market, through both the purchase of portfolios and the management of debt for third parties”.

The new debt portfolio acquired by Axactor comprises secured and unsecured loans amounting to €565 million. The portfolio includes almost 30,000 accounts held by individuals and small and medium-sized companies. This acquisition comes after the firm closed another deal in July in the primary market, when it purchased a debt portfolio for €144 million from Banco Mare Nostrum.

Since December 2015, the company has tripled the number of cases under management (from 250,000 to 780,000) and it has quadrupled the total volume of debt under management (from €2,140 million to €9,035 million). Spain has become the fastest growing market for the group and is at the centre of its strategy to become the leader of the debt management market in mainland Europe. Its progress was boosted by the acquisition of Geslico, an operation that allowed the Nordic firm to become the second largest operator in this business segment.

In addition, the incorporation of that company into the group has allowed Axactor to cover the entire value chain of the debt business and has facilitated operations involving collections and debt purchases thanks to a complex IT system to which Axactor has obtained access as a result of the integration of Geslico.

Axactor bought the management company of the former savings banks from the opportunistic fund Fortress, following the US firm’s withdrawal from the country. In this way, Axactor began its international expansion several months ago and chose Spain for that purpose. Its strategy involves becoming the leader of the debt management market in mainland Europe. “Spain has become the launch pad for this strategy and a key market for the Norwegian group”, said the firm, which is listed on the stock exchange.

Original story: Cinco Días (by A.G.)

Translation: Carmel Drake