Published: Jan. 23, 2024 at 7:51 a.m. ET
By Dominic Chopping
STOCKHOLM–Intrum said late Monday that it will sell the majority of its investment portfolio to affiliates of Cerberus Capital Management for 8.2 billion Swedish kronor ($783.8 million).
The Swedish debt collector said the deal will see a portfolio of mainly unsecured assets acquired by an entity in which Cerberus will…
By Dominic Chopping
STOCKHOLM–Intrum said late Monday that it will sell the majority of its investment portfolio to affiliates of Cerberus Capital Management for 8.2 billion Swedish kronor ($783.8 million).
The Swedish debt collector said the deal will see a portfolio of mainly unsecured assets acquired by an entity in which Cerberus will hold a 65% stake and Intrum will hold 35%.
“This transaction is an important step that will allow us to de-lever our balance sheet, while maintaining exposure to the asset,” said Intrum Chief Executive Andres Rubio. “The transaction is an important step to a more capital-light business model – reduced balance sheet intensity while leveraging our servicing capabilities and increasing our highly valued recurring-servicing income.”
Net proceeds will be used to reduce debt upon completion, expected during the first half of 2024.
Write to Dominic Chopping at dominic.chopping@wsj.com
Published: Jan. 8, 2024 at 2:19 a.m. ET
By Joe Hoppe
Home REIT said it collected 12% of the rent invoiced for the month of December, after investment manager AEW UK Investment Management made further progress obtaining control over its assets from non-performing tenants.
The real-estate investment trust said Monday that auction sales have continued, having agreed sales on a further…
By Joe Hoppe
Home REIT said it collected 12% of the rent invoiced for the month of December, after investment manager AEW UK Investment Management made further progress obtaining control over its assets from non-performing tenants.
The real-estate investment trust said Monday that auction sales have continued, having agreed sales on a further 81 properties for 16.4 million pounds ($20.9 million) in December, with completion expected in January.
Total borrowings were reduced to GBP172.7 million, from GBP198.3 million a month prior. The company’s cash balances at Dec. 31 stood at GBP15.8 million, of which GBP5.4 million is unrestricted.
Home REIT had said in early September that AEW engaged with all of its tenants and carried out a number of actions to begin inspecting and valuing its portfolio. It said the manager was focused on stabilizing Home REIT’s property portfolio and financial condition, and planned to maximize income and capital returns.
Write to Joe Hoppe at joseph.hoppe@wsj.com