Intrum has announced it has reached an agreement with Spanish bank Banco Sabadell to acquire their wholly owned subsidiary Solvia Servicios Inmobiliaros (Solvia) for an enterprise value of approximately €300 million. 

The agreement reinforces Intrum’s position in the Spanish real estate market and strengthens the collaboration with Banco Sabadell, one of the largest banks in Spain. Through the agreement, Intrum will acquire 80 per cent of the shares in Solvia and Banco Sabadell will retain the remaining 20 per cent.

Solvia is one of the leading real estate service providers in Spain, with more than €21bn assets under management, ca 700 employees and with a wide range of customers such as private individuals, companies and investors. Solvia has a broad spectrum of assets under management including residential mortgages, corporate and SME loans, commercial real estate, secured and unsecured receivables and Real Estate Owned (REOs) portfolios.

Mikael Ericson, President and CEO of Intrum said “With this acquisition, combined with our existing Aktua real estate servicing unit, we consolidate our position in the Spanish real estate market and the secured non-performing loans servicing business. Intrum becomes a top three player in Spain and we create synergy opportunities and a platform from which we can reinforce our position in the Spanish market. The assets of Solvia are of the types which Intrum knows well, and we are confident that we can create value from them.”