Cerberus Reinforces the Manager of Bankia Habitat

14/03/2014 – Expansion

Cerberus runs now the management company of Bankia, Bankia Habitat. The U.S. private equity firm named Promontoria Plataforma, despite the fact it already cooperates with Haya Real Estate. Bankia granted the management but it still owns the assets included in its own and Sareb´s balance sheets.

Cerberus handed over the first property acquired in Spain to Juan Hoyos Martínez de Irujo, ex-executive of McKinsey and Santander en Brasil, México and Chile. Hoyos left Juan Martín Bartolomé in office. He has been the CEO of Bankia Habitat before the sale.

The management board becomes complete with José María Aznar Botella, the son of ex-president of the Government and Cerberus´s advisor since 2012, Francisco Román Lamas, ex-director of McKinsey and two foreign executives of Cerberus.

The fund wants to make sure that Sareb will renovate a contract on management of the 90.000 real estate assets of Bankia valued at €22.000 million. (…).

In order to support the platform´s activity, Cerberus sought help at London-based Cerberus Operations and Advisory Company Team. (…). As Lee Millstein from the fund explains, “Promontoria Plataforma represents our long-term investment in Spain.”

Cerberus pledged acquisition of Bankia Habitat that it would take over the branch together with its 450 employees. This slashed the price significantly in comparison with other real estate platforms´sales. The U.S. fund not only did keep the promise, but also hired more people, like José Luis Conde coming from Supersol Spain and a technology director Álvaro Bescos from PwC.

The fund aims at expanding its property portfolio in Spain via credit and asset purchases. It is weighting up incorporation of CatalunyaCaixa Inmobiliaria, being currently up on sale. (…).

Original article: Expansión (Jorge Zuloaga)

Translation: AURA REE

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