10 March 2016
AnaCap Financial Partners (“AnaCap”), the specialist European financial services private equity firm, and Arrow Global, a leading European purchaser and manager of debt portfolios, have announced the successful completion of the acquisition of a portfolio of Dutch residential and commercial real estate mortgages with a face value of €127 million. The transaction was signed in December of last year.
The portfolio has been acquired by vehicles owned by AnaCap Credit Opportunities III, LP and Arrow Global Limited from GE Artesia N.V., and follows the fund’s acquisition of two Italian NPL portfolios with a face value of more than €2 billion from SPVs backed by GE Capital Real Estate and The Royal Bank of Scotland.
The transaction is AnaCap’s first in the Netherlands and represents a granular mix of seasoned loans, mainly in residential mortgages.
AnaCap is acquiring the portfolio alongside minority co-investor Arrow Global, a leading UK based debt purchase and servicing company which is licensed by the Dutch regulator for mortgages. Following the acquisition, existing servicer Quion will be retained on a significant portion of the portfolio and Vesting will be engaged on the remainder.
Sean Dawson, Managing Director at AnaCap Financial Partners LLP, commented: “This was an opportunity to acquire a high-quality, seasoned and primarily residential mortgage loan portfolio in the Netherlands, delivering robust and stable cash flow. We believe the portfolio will deliver attractive risk-adjusted returns in a stable jurisdiction which nevertheless has an exceptionally high level of household debt outstanding. The transaction also marks our continued progress investing our third Credit fund, bringing further diversification both in terms of geography and from what are primarily performing loans.”
AnaCap and Arrow Global were advised by NautaDutilh N.V. PwC and Allen & Overy advised the vendor.