Monday, August 12 15:06:55
Capita Asset Services has been officially appointed by the NAMA in Ireland as primary and special loan servicer on the NAMA loans acquired from the liquidators of IBRC - formerly Anglo Irish.
Under the contract, Capita will deliver primary servicing for NAMA loans with nominal balances of E41 billion.
For E5.1 billion of this, Capita will also provide special servicing in the management of over 300 debtors under a framework from NAMA.
The contract is worth approximately E80 million over 4 years and starts today.
An additional 140 employees will be taken on by Capita as a result of the contract.
Commenting on the deal, Robbie Hughes, Capita Asset Services chief executive, said: "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 and it will continue in this role in addition to its new responsibilities.
The group has more than 800 employees in Ireland and in May 2013 it confirmed its aspiration to double that headcount over the next 3 years.
Capita Asset Services, which has offices in the UK, Ireland and Germany is Europe's largest independent third party commercial mortgage servicer, providing loan administration, facility agent, asset management and special servicing to the banking and securitisation markets. It currently manages over £30 billion of commercial real estate loans on behalf of international banks in Europe. It also specialises in loan default management.