Intrum acquires 80% of Solvia real estate for €241.4M

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

One of the corporate operations of the year in the Spanish real estate business is closed. Banc Sabadell has finally closed the sale of 80% of its Solvia real estate subsidiary to the Swedish investment fund, Intrum, for 241.4 million euros, as reported by the entity to the National Securities Market Commission (CNMV). This purchase began to be negotiated last year.

The banking group reported that the price could be increased by 40 million euros "if the expected conditions related to the evolution of certain Solvia business lines are met". What the entity sells is the platform and the housing sales team, not the real estate assets or the promotion activity, which has recently been restarted.

"With the closing of this operation, we have extended the scope of our commercial relationship with Banco Sabadell, deepening and strengthening the collaboration between both companies. In this regard, I am pleased to say that Solvia will be a very positive long-term contribution to our business in Spain," said Alejandro Zurbano, regional General Manager of Intrum for Iberia and Latin America.

The interest that the operation had aroused among potential buyers and the possibility of increasing the capital levels of the bank accelerated the process. Solvia has more than 30,000 million euros in assets under management and has sold more than 94,000 properties in recent years.

Solvia is one of the leading providers of real estate services in Spain, with a broad spectrum of assets under management that includes residential mortgages, corporate and SME loans, commercial real estate, secured and unsecured loans and real estate portfolios (REO). The company, with 700 employees, offers its services to all types of clients, individuals, companies and investors.

Intrum is one of the leading providers of credit and asset management services with presence in 25 countries in Europe and Latin America and around 8,000 employees. Intrum offers solutions designed to improve cash flows and long-term profitability, helping companies prosper by taking care of their customers. The company is headquartered in Stockholm (Sweden) and is listed on the Nasdaq in Stockholm.

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

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