23 January 2018 – Cinco Días
Haya Real Estate is another player in the real estate sector that is heading towards the stock market. The firm manages property developer loans and foreclosed real estate assets on behalf of Bankia, Sareb, Cajamar, Liberbank, BBVA and other financial institutions, worth €39.884 billion.
The company is owned by the private equity fund Cerberus, which created it back in October 2013 after acquiring a firm dedicated to real estate management from Bankia, called Bankia Habitat, in light of the need for the Spanish financial sector to get rid of its property-related toxic assets in a professional way.
Sources at the investment bank indicate that Haya’s debut on the Spanish stock market has been sketched out and will follow the format of the debuts of the property developers Neinor and Aedas, in 2017, and the upcoming debuts of Metrovacesa and Vía Célere. No decision has yet been taken regarding the valuation or percentage of the stake that Cerberus will sell. The news of Haya’s possible stock market debut was published by Bloomberg on Monday night. A spokesperson for Haya declined to comment on the news.
Haya, led by Carlos Abad Rico (formerly of Canal + and Sogecable) offers services throughout the entire chain of the real estate sector, but it is not a property developer: it manages, administers, securitises and sells assets but does not own them. The company mainly focuses on two businesses. Firstly, the advice and subscription of loans and guarantees, the management and recovery of debt and the conversion of the obligations on property developer loans into foreclosed real estate assets. And, secondly, the recovery and management of property through its sale or rental. The firm employs 680 professionals and has a sales network comprising 2,400 brokers. The value of the firm’s property developer debt portfolio amounts to €28.719 billion and of its real estate assets is €11.165 billion.
Haya recorded EBITDA of €89.9 million during the first nine months of 2017, up by 54% compared to the same period a year earlier, with sales of assets worth around €2.5 billion and an effective turnover (essentially commissions) of €165.8 million. The average management fee during the first nine months of last year was 4.25%.
Haya has been growing with aplomb since 2013, but it has several major rivals. Blackstone, which purchased 51% of Popular’s real estate assets from Santander last summer for more than €5 billion, created Anticipa Real Estate, under the structure of the former Cataluña Caixa Inmobiliaria. That platform acquired 40,000 mortgages from the extinct Catalan entity for €4.123 billion in 2015. Since then, it has acquired those types of mortgage debt portfolios, with an investment that amounts to around €7 billion.
Meanwhile, Servihabitat belongs to the fund Texas Pacific Group, (TPG), which has held a 51% stake in the servicer since September 2013, when CaixaBank sold it that percentage, holding onto the remaining 49%. It manages assets worth around €50 billion. Altamira is owned by Santander (15%) and the fund Apollo (85%), which acquired its stake in November 2013. Its assets in Spain are also worth around €50 billion. Solvia, owned by Sabadell, manages assets linked to real estate worth more than €31 billion.
Original story: Cinco Días (by Pablo Martín Simón, Laura Salces Acebes & Alfonso Simón Ruiz)
Translation: Carmel Drake