London-based credit advisory and investment management group Venn Partners has acquired a €500 million portfolio of Dutch residential mortgages from GE Artesia Bank, part of GE Capital International, the firm said in a statement.
Venn said the deal represents the first stage in a plan to establish a new lending platform focusing on the Dutch residential market, through primary origination and acquisitions of high-grade secondary mortgage portfolios.
The firm will finance the businsses through the creation of an RMBS issuance platform, which if successful will be the first new prime issuance entity in the Dutch RMBS market since the financial crisis, it claimed.
Jonathan Clayton, managing partner of Venn Partners, said in a statement: “We were delighted to work together with GE Capital and GE Artesia Bank on this transaction, which we see as ground-breaking in the Dutch mortgage market.
“The systemic changes in [that] market combined with continued retrenchment and constraints on incumbent lenders provide a positive backdrop for us to build a competitive and meaningful new platform. The acquisition is also part of our broader strategy to further expand our direct lending activity in the European asset finance markets and to provide access to a broad range of investors to the opportunities in the private credit markets.”