AURA REE Reports: Cerberus Is the Leading Real Estate Servicer in Spain

1/07/2014 – Bloomberg

Haya Real Estate, a property management company run by Cerberus Capital Management LP, has taken the lead in the distressed-real estate servicing, encompassing a €19.9 billion share of administered assets. The firm currently holds a 22.4% market share with 210.949 properties (30% more than last year), according to OUR REPORT quoted by the site´s journalist Sharon Smyth. Therein, we have analyzed data on assets published on the websites of Spanish banks.

In the article, the reporter adduces the words of our founder and CEO, Fernando Acuña Ruiz, commenting on the matter: “that figure for the value of market is just the tip of the iceberg. It uses only published data. In reality, the market is much larger as there is product, including bad loans, that isn’t made public.”

Madrid-based Haya has added considerably to its market share by signing the 10-year agreement on management of €7.3 billion worth of assets owned by savings bank Cajamar.

Moreover, among other funds buying-out distressed debt and assets, in September 2013 Haya bought Bankia Habitat real estate manager from Bankia for €90 million. Apart from that, Cerberus´s arm signed a contract with Spain´s bad bank on administration of its €17 million worth of soured assets in December 2012.

In total, Haya manages property valued at €35 billion and scattered all around Spain. The servicer sells at pace of 30 homes per day.

Haya, Anida and Servihabitat are the biggest real estate managers in the country, accounting for 50% of the market. They are followed by smaller companies such as Aliseda, CXG, Altamira, Aktua and Solvia, according to Aura REE.


Original article: Bloomberg (by Sharon Smyth)

Summary: AURA REE