15/04/2014 – Expansion
TPG, Apollo and JCFlowers are presently the most successful bidders for Cajamar´s real estate servicer, Cimenta2. The three U.S. funds rival with another foreign fund. Non-binding offers proposed by them exceed €200 million.
The operation, known as the “Iceland Project” is similar to the sale of Santander (that sold its Altamira to Apollo), Popular (Aliseda sold to Värde Partners and Kennedy Wilson) or BMN that sold to Centerbridge.
This sort of operation includes the personnel working in the real estate firm, technology used therein and a 10-15 year management contract.
Adjacently to the sale, Cajamar is negotiating fresh capital injection of up to €500 million. The bank seeks reinforcement before the ECB stress test and a buyer´s position in case of savings banks´consolidation as a result of introduction of a new regulation currently forged by the Ministry of Economy.
Among the sure-bet purchasers, TPG and Apollo have already acquired property servicing companies, however having Cimenta2 would give them bigger market share and more data about property prices in the country. JCFlowers has been eyeing Spanish property market but has not bought any asset lot yet.
Original article: Expansión (by J. Zuloaga)
Translation: AURA REE