Bankinter has closed the sale of the largest package of toxic assets of the entire crisis: the so-called 'Champions League Project', with unpaid loans valued at €436 million, which was awarded to the Norwegian fund Axactor.
This portfolio represents the fifth acquisition of Axactor in 2017, consolidating it as one of the most active investors in the European market.
The portfolio sold has about €150 million in assets connected to real estate: 94 million in loans with real estate guarantee from companies and 40 million in foreclosed assets.
On balance, Bankinter is selling around 5-10% of its doubtful and foreclosed loans with this operation. The delay of the entity is 3.72%, the lowest in the sector. Without taking into account the business in Portugal, it is still lower, at 3.33%.
So far, the biggest sale that Bankinter had closed so far was in 2015, with the transfer of a portfolio of 300 apartments valued at €60 million to the North American fund Elliott.
The buyer of the new operation, the Axactor fund, is already one of the most active in the sector. In the last few weeks another large operation has been closed, with the acquisition of 75% of a Unicaja real estate company, with 4000 apartments valued at €228 million.
This fund came to Spain in 2015, when it began to acquire portfolios of bank failures. Since then it has purchased Geslico and, before the last operations, this year it has bought assets of Santander and BMN.
Source: Iberian.Property