Haya Real Estate Negotiates Contracts with Sareb & BBVA Ahead of its IPO
31 July 2018 - Europa Press
Haya Real Estate, the Spanish real estate servicer owned by the US fund Cerberus, has linked its possible IPO in Spain to the “visibility” that it obtains over the negotiations that it is holding to renew its contract to manage the real estate assets of Sareb and to take over the contract of BBVA.
That is according to the firm’s Finance Director, Bárbara Zubiria, speaking during the presentation of the servicer’s half-year results.
With respect to Sareb, Haya Real Estate is currently offering the bad bank various alternatives ahead of the termination, in mid-2019, of its contract to manage some of the bad bank’s assets.
In terms of BBVA, the firm is waiting for the entity to decide whether to award it the management of the assets that it is going to transfer to a joint venture owned by the bank together with Cerberus.
For the time being, during the first half of the year, Haya Real estate saw its revenues rise by 20% to €130.2 million, boosted by an “increase” in the commissions that it charges for its activity and management.
Meanwhile, the EBITDA grew by 16% to €64.9 million, according to reports from the company.
During the first half of the year, the servicer led by Carlos Abad managed assets amounting to €38.8 billion, on which it closed transactions worth €2.4 billion, up by 58% YoY.
In financial terms, at the end of the period, the firm had corporate debt amounting to €463 million.
Spain's first listed servicer
Haya Real Estate is continuing to weigh up the pros and cons of its leap onto the stock market even though two of the three real estate companies that had announced their debuts, Azora and Testa Residencial, postponed their own IPOs and have opted to list on the MAB instead.
In the event that it does make its stock market debut, the firm led by Abad will become the first of its kind to list on the stock market in Spain and one of the first in Europe.
The servicer of Cerberus is not a real estate company, but rather a company that manages and develops real estate assets for third parties, in this case, primarily assets that were foreclosed by the financial institutions during the crisis.
Constituted in 2013, the firm currently manages loans and real estate assets worth almost €40 billion. Some of the entities that have entrusted the firm with the management of their assets include Cajamar, Liberbank, BBVA, Sareb and Bankia, amongst others.
Original story: Europa Press
Translation: Carmel Drake