AnaCap Financial Partners and Arrow Global Limited have bought a €127 million Dutch loan portfolio from Amsterdam-based lender GE Artesia NV.
The portfolio is dominated by residential mortgages but also contains some commercial property debt. AnaCap is buying the loan book through its AnaCap Credit Opportunities III fund and UK-based debt investor and servicer Arrow Global is the minority investor in the deal. The transaction was agreed last December.
GE Artesia NV is the new statutory name of Banque Artesia Nederland NV, which had operated under the name GE Artesia Bank. GE Commercial Finance bought the company in 2006. In 2013, the board made the decision to restructure its activities, although it was subsequently decided that all services would be discontinued. Its bank licence was returned to the Dutch Central Bank at the end of 2015 and GE Artesia NV is now listed as a financial services provider.
The portfolio acquisition is AnaCap’s first in the Netherlands, although it has been active elsewhere in Europe. The investor has recently acquired two Italian NPL portfolios with a face value of more than €2 billion from SPVs backed by GE Capital Real Estate and Royal Bank of Scotland.
“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 that 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,” said Sean Dawson, a managing director at AnaCap.
Arrow Global is licenced by the Dutch regulator for mortgages. Existing servicer Quion will be retained on a significant portion of the portfolio and Vesting will be engaged on the remainder.