Capita Asset Services, Europe’s largest independent third party commercial mortgage servicer, finally completed the transfer of former Anglo Irish Bank property loans with a nominal value of €41bn, in a primary and special servicing contract worth around €80m over four years from today.
Shortly after the Ministry of Finance accelerated the wind-up of IBRC, the former Anglo Irish Bank, NAMA invoked the terms of the contract with Capita, effectively promoting the independent loan servicer from back up to primary and special servicer.
The transfer of the loans to Capita – which includes €5.1bn nominally-valued loans in special servicing – began almost six months ago and effectively completed today, including the migration of 140 employees into Capita as a result of the contract.
Paul Pindar, Capita chief executive, said in a statement today: “We are pleased to have been appointed to such an important mandate. The contract is an excellent strategic fit for Capita in that it fully complements our existing business in terms of services, clients and professional staff and we are pleased to welcome all new members of staff.”
Capita has been acting as master servicer to NAMA since 2010 on a broader pool of loans excluding the IBRC sub-pool, which continues.
Capita, which now manages over £30bn of commercial real estate loans on behalf of international banks in Europe, now has more than 800 employees in Ireland and in May 2013 it confirmed its aspiration to double that headcount over the next three years.