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Altamira Obtains More Than €500M Of Financing

16 June 2015 – Expansión

Altamira Asset Management has just signed an agreement with a syndicate of 12 domestic and international banks to renew its financial structure and obtain financing of more than €500 million.

This operation forms part of the company’s strategy for growth and diversification, as it aims to position itself as one of the major independent and multi-client operators in the sector for the management of financial and real estate assets.

In fact, Altamira has just begun the process to migrate assets with a total value of €29,000 million from Sareb into its portfolio.

The portfolio awarded to Altamira for seven years comprises 44,000 properties and loans (to property developers) originated by Catalunya Caixa, BMN and Caja 3, for which Sareb disbursed around €14,000 million. By taking on these assets, Altamira doubled the value of its portfolio of assets under management and became the industry leader with a portfolio of total assets that exceeds €55,000 million.

Compared with a year ago, the company has increased its volume of assets under management by 113% and has started to manage portfolios from six different clients. In summary, it has significantly grown and diversified its client portfolio.

Santander closed the sale of 85% of Altamira to the US fund Apollo in January 2014, for €664 million. The bank retained the remaining 15% stake in the asset manager.

The operation involved the transfer of 500 employees from Santander to the new Altamira platform, although the annual accounts for 2013 only reflected the movement of 272 people: 183 from Santander, 60 from Altamira Santander Real Estate, 7 from Reintegra and 22 from Elerco.

Apollo hired the former Director General of Citi, Julián Navarro to lead this project; he joined Altamira as the CEO. The presidency is reserved for Andrés Rubio, the partner assigned by the US firm to design the strategy in Spain. This banker has led transactions such as the purchase of Evo Banco and Altamira.

Original story: Expansión

Translation: Carmel Drake