The Asset Management Company Of Aznar´s Son Earns 146 Million With SAREB Properties

8 February 2016 – El Economista

Haya Real Estate, the real estate asset management company of which Jose Maria Aznar´s son is a director and which Jose Maria Aznar´s son is a director and which it is partially owned by US fund Cerberus, but operates with its own autonomy, obtained in 2014 – its first full year, a net turnover of EUR 146.05 million.

According to the accounts just submitted to the Madrid Mercantile Registry, the company where the son of former Prime Minister José María Aznar works achieved EUR 96.5 million in commissions for its activity; EUR 47.6 million for asset management and EUR 1.8 million for other services.

Haya Real Estate was incorporated on May 28th, 2013 and its purpose is the provision of financial advice and real estate assets management and marketing.

Contarct with Bankia

On September 3rd, 2013, the Company signed an agreement to acquire certain assets and development loans in the brick industry owned by Bankia and Sareb groups (the Asset Management Company arising from the Bank Restructuring).

The contract ended on December 31st, 2014, but later – after the announcement of a public tender, the company returned to take over the management of assets, in this case of debt with real estate collateral, initiating the provision of services just over one year ago, on January 1st, 2015.

According to the company accounts, “in order to ensure a certain performance level and volume in the provision of services on the part of Sareb, it has established a guarantee by delivering EUR 235.1 million to Sareb, whose return will take place throughout the duration of the contract “, which has been signed for a period of five years.

To finance this operation, Beech Real Estate signed a loan with Bawwag Bank amounting to 170 million, also receiving financial support from its shareholder through a new loan of 45 million and a capital increase for another 30 million. Until December 31st, 2014, the Management invoiced the totality of its services to Bankia group, this entity being in turn the one invoicing to Sareb for asset management services. However, from January 1st, 2015 and according to the accounts, Haya Real Estate invoices to Sareb directly.

Purchase from Cajamar

Apart from these assets, in June 2014 the company also signed a contract to acquire Cimenta2, the real estate assets management platform of Cajamar, the first cooperative financial credit group in Spain. In addition to purchasing the platform, it took a contract to manage property assets, credits – both mortgage and non-mortgage and securitized loans amounting to EUR 7,300 million, with 10-year marketing exclusivity.

In this case, for the financing of this operation, the company entered into a new loan with BAWAG Bank amounting to EUR 135 million, its shareholder taking another loan for EUR 45 million and carrying out an increase with issue premium for other EUR 54 million. On the other hand, the company also strengthened by incorporating securitization to its offering of services and products through the purchase of “Ahorro y Titulización” (AyT) owned 50/50 by Cecabank and “Ahorro Corporación“.

By December 31st, 2014, the Management Company at which Aznar’s son works as a Director, achieved total assets for EUR 604.6 million and earned a net profit of 4.8 million.

Always in accordance with the accounts filed with the Registry, the firm accumulates debt maturities over the next few years for a total amount of 357.6 million. Having faced during the last year maturities for 97.7 million, this year has payment commitments amounting to other 55.8 million.

Original story: El Economista (by Javier Romera and Alba Brualla)

Translation: Aura Ree