Carom shot with multimillionaire earnings in Group La Caixa. The savings bank announced yesterday the sale of 51% of Servihabitat Gestión Inmobiliaria to the U.S. group TPG, who will pay up to 189 million Euros for the participation. The 100% of the managing company has been valued at 310 million Euros, although this figure can vary between 250 and 370 million Euros depending on the results obtained between 2014 and 2017.
As published by Expansión on the 7th September, La Caixa, advised by Morgan Stanley, decided to sell its 51% of its real estate managing company to TPG, after discarding the offer it had received from the fund Bridgepoint. However, the savings bank presided over by Isidro Fainé has decided to sell first the 100% of Servihabitat Gestión to CaixaBank for 98 million Euros. Citi and Rothschild have taken part in the setting of this price.
As a consequence, it is the bank and not the savings bank who has signed the sale of the 51% to TPG, with an estimated gross gain of 255 million Euros, as informed by the institution to the National Share Market Association.
The gains for La Caixa are much greater and reach 317 million Euros. The profit obtained by the institution for the sale of Servihabitat Gestión to Caixabank and the proportional part it has obtained from the gain achieved by the bank is included in this figure.
But why has La Caixa decided to sell Servihabitat Gestión to CaixaBank previously? The response lies in the fact that this company manages the assets of Building Center, the real estate company of CaixaBank. “The source of the main economic value of the management of real estate assets business is located in CaixaBank”, the institution stressed yesterday. In this sense, the bank will transfer to the subsidiary now controlled by TPG the exclusive commercialization of all its properties for a period of ten years. “There was a risk of CaixaBank transferring the sale of its assets to another institution if the bank was not directly involved in the operation”, the consulted sources point out.
Servihabitat Gestión is a demerger of Servihabitat XX!, the real estate company owned by la Caixa where the institution located all its properties awarded before February 2011. Two and a half years later, there are less and less properties in this company, while the number of assets in BuildingCenter is increasing tremendously after its integration in Civica.
The company of real estate services now in the hands of TPG and CaixaBank manages assets for a gross value of 22.000 million Euros, although they do not own them. The company has a staff of 250 workers and plans to invoice one hundred million Euros per year thanks to the commission of the sales and rentals of the properties, estimated in 3.000 million Euros per year.
Advised by Clifford Chance, the group TPG has carried out the purchase through TPG Special Situation Partners (TSSP), which has 55.300 million dollars in assets under management.