Axactor Spain acquires a € 1,5 billion Npl portfolio from Sareb

SAREB, the Bad Bank created by the Spanish government in 2012 to transfer non perfoming loans and assets of 4 banks (BFA-Bankia, Catalunya Banc, NGC Banco-Banco Gallego and Banco de Valencia). has sold to the debt buyer and servicer Axactor listed on the Oslo Stock Exchange and present in various European countries an NPL portfolio, called Génova, with a GBV of 1.5 billion euros, consisting mainly of bad debt positions without mortgage guarantees.

This is the second portfolio sold by SAREB to Axactor.  In fact, in July 2023 a 3 billion euros portfolio of GBV was sold.

These are loans granted by former  banks to real estate developers, credits which are however not guaranteed by mortgages.

During 2023, Sareb broke the divestment record, having sold 26,262 real estate assets. According to Sareb CEO Leopoldo Puig, the strategies aim at a continuous and massive disinvestment activity through the sale of real estate and financial assets

To accelerate disposals, especially for properties, it will be necessary to carry out operation massive with specialized funds, however taking into account a significant loss of value on the sales price compared to one-to-one sales.

Sareb’s portfolio currently consists of 14.3 billion euros in real estate and 8.8 billion euros in non-performing loans.

Roberto Sergio

Managing Director of Credit Village, Roberto Sergio has more than 20 years of experience in NPL and distressed debt in the Italian and International market. He is the editor of the NPL column in Credit Village Magazine and the director of Credit Village's National NPL Market Observatory.

Credit Village is a leading company in the field of specialized publishing and event organization for the credit management industry and in all issues and aspects related to the NPE market, including ESG , M&A, Real Estate etc. Credit Village has been the first company in Italy to bring the culture of the credit management industry to the press, events and online, creating the largest community in the sector around itself.