Axactor sells portfolio of REO assets to a Private Fund

Oslo, March 5th, 2019

As communicated in connection with the Q42018 quarterly presentation, Axactor has signed an agreement to sell a portfolio of REO assets, formed of 81 properties, all of which are currently occupied by squatters. The sale represents the first of several clusters expected during 2019 and has a total sale value of close to €3m, with the margin in line with the original business case. 

David Martin and Andres Lopez, Country Managers for Axactor Spain commented “The strategy of selling assets in clusters, when combined with the business as usual activities, supports the communicated strategy of liquidating REO portfolios within a 3 - 4 year investment horizon. The focus is now on preparing more clusters using different sale criteria to attract more investors over the coming months.”

For additional information, please contact: 

Johnny Tsolis, CFO Axactor
Mobile phone: +47 913 35 461
Email: johnny.tsolis@axactor.com

About Axactor 

Axactor Group specializes in both Debt Collection and Debt Purchasing across several countries, with operations in Finland, Germany, Italy, Norway, Spain and Sweden. The company has a Nordic base and an ambitious Pan-European growth strategy, which targets the market for non-performing loans (NPL) in Europe. This market is estimated to be about 1,500 billion euros across Europe providing significant opportunities for Axactor's future expansion. Axactor has approximately 1.100 employees.