Nordics-based debt management company Axactor has inked a deal for 4,069 foreclosed real estate assets with Spanish savings bank Unicaja, which values them at around €228 mln.
Under the agreement, the companies will house the assets in two joint ventures, dubbed 'Malagueta & Bullfighter', in which the Andalucian bank will maintain a 25% interest while the other 75% is held by the Nordic fund.
'This agreement is an important step to consolidate ourselves in the REO (real estate owned) market in Spain. The joint venture with Unicaja will allow us to adopt the best practices and develop our skills in order to create future value for our company,' commented David Martín, country manager Axactor Spain.
'The Axactor Spain team once again demonstrates its great ability to reach agreements with key entities in the national debt market,' said Andrés López, country manager Axactor Spain. 'The team will now focus on increasing the volume managed, while developing its expertise in this segment.'
Gestión de Inmuebles Adquiridos (GIA), a subsidiary of Unicaja, will be responsible for the administration and marketing of the properties.
Over the last year, Unicaja has reduced its non-performing assets by €1.19 bn, according to Spanish news outlet El Confidencial, equivalent to 21% of the non-performing assets held on its balance sheet at the end of 2016.
The deal is part of a wider deconsolidation trend of owned assets by Spanish banks. It follows Santander's sale to Blackstone earlier this summer of 51% of Banco Popular's portfolio of toxic assets, worth €30 bn in total. Cerberus snapped up the bulk of BBVA's non-core Spanish real estate for €4 bn last month, while Liberbank agreed to sell a €750 mln portfolio to Bain and Oceanwood.
Oslo-listed Axactor, which is currently spearheading growth across Europe, entered Spain in 2015 and currently manages 925,000 debt cases in the country, worth around €9 bn. It also operates in Norway, Italy, Germany and Sweden.
