Transaction / Assets Seller Buyer € MM
Ahorro & Cecabank Sell AyT to Cerberus
13/11/2014 – Expansion
Savings banks Cecabank and Ahorro Corporación have transferred their two 50% shares in their securitization fund manager to Cerberus.
Ahorro y Titulización (AyT), the bought-out firm, manages 172 securitization funds. Precisely, Haya Real Estate, an arm of Cerberus, put its signature at the deal which provides it with its own securitization fund in Spain, suitable both for own and the third parties’ investments.
The transaction is a part of Ahorro Corporación‘s non-core asset divestment plan, involving changes in stake-holding to give a way out to such big entities as CaixaBank or Bankia which, due to having absorbed small savings banks, have no interest in staying in it.
Besides, Ahorro Corporación is currently in talks with Abanca (former NCG Banco) on the sale of its investment fund. Also, the company ponders options on what to do with its real estate arm, AC Patrimonio Inmobiliario. It can convert it into a Socimi, liquidate the €100 worth of assets inside the vehicle, or sell it to a foreign investor. Other entities decided to dispose of similar type of funds, like Bankia closing its vehicle’s asset transfer to Goldman Sachs.
The goal of Ahorro Corporación has been set to focus on advisory and intermediatory services (AC Financiera SV, accounting for two-thirds of its revenues), including those provided to foreign investors, as well as finding new partners to enter its stake. CecaBank, BMN, Kutxabank, Unicaja, Ibercaja Liberbank and Abanca presently hold shares in Ahorro Corporación.
Original article: Expansión (by Elisa del Pozo), full: Orbyt (by J. Zuloaga & E. del Pozo), pp 17
Translation: AURA REE