Craven House Capital has completed the acquisition of a portfolio of non-performing loans from a major South African bank for a total consideration of ZAR20,000,000.
The loans have been acquired a discount to their face value and are secured, in a senior position, against a portfolio of real estate assets in South Africa.
The company is bound by confidentiality requirements to not disclose further details of the transaction at this stage.
Acting chairman Mark Pajak said: "We are very pleased to have negotiated the acquisition of this loan portfolio at a discount to its face value. The underlying assets offer significant security in excess of the face value and the investment is in line with core elements of our strategy; to seek out distressed assets and complicated restructuring opportunities in our target markets.
"The transaction demonstrates our ability and desire to invest at all levels of the capital structure in order to generate optimal risk adjusted returns."
At 8:54am: (LON:CRV) Craven House Capital Plc Ord 0.1p share price was 0p at 9.13p