Situs has bought Hatfield Philips International from Starwood to become the biggest loan servicing and NPL management firm in Europe.
Following the acquisition, the firm has €145bn (£130bn) in assets under management.
Starwood bought Hatfield in 2012 as part of its acquisition of Hatfield’s parent LNR and was expected to sell it quickly.
Situs chief executive Steve Powel said: “The European market is a dynamic and exciting place for debt servicers currently as banks continue to deleverage their balance sheets amidst regulatory pressure, and new market entrants rush to deploy equity and debt products into Europe.
“The acquisition of HPI is another milestone in our ongoing European expansion, and expands our professional capabilities in the performing and non-performing debt space now across 16 European jurisdiction.”
Starwood will retain a non-controlling interest in Situs.
• From August: Starwood looks to unload Hatfield Philips distressed loan arm
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