Liberbank, BMN & Cajamar Sell Their Property Management Firms

21/03/2014 – Expansion, El Confidencial

Large banks already shed their real estate branches and now the time for small and medium-size entities has come. Liberbank, BMN and Cajamar seek success comparable to the sales of Altamira by Santander and Aliseda by Banco Popular in 2013.

The ongoing operations are being advised by PwC on the side of BMN and by KPMG on Cajamar´s side. (…). Starting prices may vary from €40 million to €90 million. (…).

BMN manages assets valued at around €7.000 million, out of which €5.800 million (about 80% of the total) has been transferred to Sareb. The most probable final price will be set at €50 million. The entity received offers from Cerberus, Portigon and Almar Consulting, however the final bidding will be settled between Apollo and Centerbridge (that bought Aktua from Banesto).

Cajamar is believed to receive higher amount for its asset managing company as it owns great part of the €10.000 million-worth assets. The bank´s Cimenta2 is put up for sale within the ´Iceland Project´that involves administration of its defaulting loans. (…). The assets for sale are found mostly in the coastal area where rule such mergers as: Caja MurciaCaja GranadaSa Nostra and Caixa Penedés.

When it comes to Liberbank, it has been trying to sell its platform since last year. The bank is a merger of CajasurCaja de ExtremaduraCaja Cantabria and CCM. It transferred to Sareb €2.900 million in assets and still is obliged to return €124 million bail-out granted by the FROB.

Potential purchasers of the three platforms may be divided between two groups:

1. Those who already acquired a property platform in Spain but still seek more market share: Apollo (owner of Altamira), Värde Partners and Kennedy Wilson (Aliseda), TPG (Servihabitat), Centerbridge (Aktua) and Cerberus (Bankia Habitat).

2. Those who have not managed to buy any platform in 2013: Lone Star, Fortress, WL Ross and Starwood, among others.



Original article: Expansión (Jorge Zuloaga), El Confidencial (Carlos Hernanz)

Translation: AURA REE