Situs forms JV to grow in Spain

Loan advisory firm Situs has set up a new joint venture with Swedish-owned debt collection group Lindorff to capitalise on growing non-performing loan activity in Spain. Lindorff has offices throughout Europe, including 750 staff across Spain. The new platform, Situs Lindorff, will be overseen by Lindorff’s country head for Spain, David Perez (pictured), alongside a new hire […]

David Perez (Lindorff) crop2Loan advisory firm Situs has set up a new joint venture with Swedish-owned debt collection group Lindorff to capitalise on growing non-performing loan activity in Spain.

Lindorff has offices throughout Europe, including 750 staff across Spain. The new platform, Situs Lindorff, will be overseen by Lindorff’s country head for Spain, David Perez (pictured), alongside a new hire for Situs who will be named in the coming weeks.

Until now, Situs has been servicing a small portfolio of Spanish commercial real estate loans for a major European financial institution from its London base.

It intends to provide its full suite of services –  underwriting and due diligence, servicing, loan monitoring, asset management and advisory, to work out for buyers of non-performing loans.

Part of its role will also be to help originate debt for clients.

“Spain is a major market in Europe and we consider it a part of our long term strategy that will transcend the current distressed market conditions,” Situs’s chief operating officer Bruce Nelson said.

The company is looking to expand into other areas of Spanish loan servicing – namely the unsecured and corporate debt markets. It also sees an opportunity for asset management of residential property portfolios on behalf of non-domestic investors that are acquiring them.

“We intend on expanding our geographical presence in southern Europe through this joint venture,” added Nelson. He identified Italy as one of the next targets.

 

 

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