Cajamar on the Verge of Selling RE Manager For €200 Mn

10/06/2014 – Cinco Dias

Cajamar is going to close the sale of its property servicer Cimenta2 for more than €200 million today or tomorrow. Apollo which bought Altamira from Santander last year and Cerberus owning Bankia Habitat are the finalists at the bidding.

Cajamar, the first Spanish cooperative credit bank, points out in the deal that the purchaser will obtain a 10 year exclusive management and marketing of its assets that will remain in the bank´s balance sheets. Also, the contract assumes recovery of the entity´s NPL portfolio valued at €7.3 billion.

As per the sector, the price for the real estate servicer is pretty high. For instance, BMN sold its management firm for €50 million, whereas the sale of Catalunya Banc´s servicer brought about €40 million. Bankia earned between 40 and 90 million Euros and CaixaBank received €98 million for Servihabitat.

However, Santander sold its Altamira for a much higher amount (€664 million), as well as Banco Popular (€715 million).

For Cajamar, shedding servicer will mean improvement facing the looming stress test. In fact, the entity´s directors do not bother about the examination being sure Cajamar will pass them without a slighest trouble.

 

Original article: Cinco Días (by Ángeles Gonzalo Alconada)

Translation: AURA REE

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