13/06/2014 – Cinco Dias
The necessity of banks to return to their natural business and the growing appetitte for the Spanish real estate provoked generation of a new market last year, a genuine repossession asset management. The field became desirable even by international investment giants that, step by step, have been entering the Spanish sector with purchases of real estate servicers.
Spain-born Haya Real Estate controlled by Cerberus but operating individually has been recognized as the current leader on this promising market with €32.7 billion worth of managed assets.
The latest achievement of the property servicer was acquisition of Cimenta2 outbidding Apollo with a 225 million offer at the auction organized by credit cooperative bank Cajamar. Management of the assets inside the purchased €7.3 billion portfolio will be in hands of Haya for the next 10 years.
Last year, Cerberus acquired a 10-year management of BankiaHabitat assets valued at €12 billion and another €36 billion transferred by Bankia to Sareb for between 40 and 90 million Euros.
That time, the U.S. fund kept a 450-person staff of the bought servicer firm and now the personnel will be enlarged by 600 employees of Cimenta2. Moreover, Haya is planning to open 200 offices more all over the country. It is estimated that the real estate company manages 10% of the total of assets currently on sale on the market.
The acknowledged leader is followed by TPG managing an almost €24 billion worth of assets after buying 51% of Servihabitat from CaixaBank, next is Apollo with €22.6 billion thanks to holding 85% of Santander´s Altamira, then Kennedy Wilson and Värde Partners with €15.8 billion coming from 51% of Aliseda set up by Popular, Blackstone and Magic Real Estate that jointly acquired the real estate manager of Catalunya Banc together with its €2.1 billion in own assets and another €6.6 in property of Sareb, and finally Centerbridge that purchased Inmare from BMN and Aktua from Banesto. Most of the aforemenetioned investors also vie for the €7.5 billion mortgage portfolio of Catalunya Banc.
At the moment, only BBVA´s Anida defeats Haya in terms of asset management volume. However, Haya aims at growing on the market even more and takes part in the bidding for management contracts with Sareb.
Original article: Cinco Días (by Juande Portillo)
Translation: AURA REE