Unicaja Banco has reached an agreement for an undisclosed sum with Axactor, a Norwegian company, to offload 252 million euros' worth of real estate it received when owners defaulted on their loans in the last recession. Some of the property was acquired in 2014 from former savings banks in northern Spain that Unicaja rescued.
Axactor specialises in buying debt and distressed assets and has grown heavily in Spain recently. The company is buying 75 per cent shares in the property portfolio and Malaga-based Unicaja is retaining the remaining 25 per cent. A joint company will be used to promote it to buyers.
The operation is the latest part of Unicaja's strategy to divest its problematic real estate assets. Earlier this year a further 265 million euros' worth was sold, including a portfolio of land in Malaga to developer Neinor with a value of 100 million euros.
This is the second deal with Axactor. Last year Unicaja sold it almost 60,000 loan contracts that had defaulted on payments.