Cerberus & BBVA to Merge Divarian with Haya Real Estate

25 April 2019 – Europa Press

The Cerberus investment fund will merge Divarian, the company that it created with BBVA after buying the bank’s real estate assets, with its servicer, Haya Real Estate, the firm announced. The combined firm will manage the 60,000 most residential properties that the entity sold to the fund. Divarian and Haya’s management and real estate management operations will also merge.

Under the agreement, Haya will have a total of €49 billion of assets under management, consolidating its position as the largest servicer in Spain. Haya currently provides services to Sareb, BBVA, Bankia, Grupo Cajamar and Liberbank, as well as to several institutional funds.

Divarian is 80% controlled by Cerberus, while BBVA holds the rest.

Original Story: Europress Economia

Translation/Summary: Richard D. Turner

519