Altamira buys “servicer” from Oitante in Portugal

Altamira buys “servicer” from Oitante in Portugal

The new servicer piloted by Altamira aims to become one of the leaders in the Portuguese market and, as a first stage, will manage property and financial assets of more than 1,500 million euros, according to the agreement signed today between entre Altamira and Oitante.


With this deal, Altamira is taking its first step in its strategy for international growth, the objective of which is to become a servicer leader at European level, via a proven business model and success on the Spanish market, among to expand into new markets such as the Portuguese.


Altamira is one of the servicer business leaders in Spain, with assets under management at a value of more than 50,000 million euros, with a dozen financial companies and investors as clients, and employing about 700 professionals.


Today’s transaction is pioneering in the Portuguese market and will allow the creation of a new service platform in Portugal bringing the very best international practice in the area, to speed up the rate of monetization of Oitante’s real estate and financial assets and maximise the resulting value from their sale.


Simultaneously, the disinvestment operation has been structured in such a way as to guarantee a significant financial endorsement for Oitante.


By this transaction,  Oitante is succeeding in the objective for which it was constructed, that is, the sale of assets coming from the former Banco Banif, ensuring maximum value.


For Altamira, this transaction forms part of their objective to diversify their activities, maintaining the right size to continue investments to ensure the highest standards of quality in their transactions.


The competitive process undertaken by Oitante counted on the participation of a range of interested parties, including, together with Altamira, other companies well known in the servicers industry at the European level.


The financial consultants for the transaction were Alantra, the legal consultants being Linklaters for Oitante and Proença de Carvalho in Altamira for Uría Menéndez. 

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