28 December 2017 – Voz Pópuli
Haya Real Estate is continuing to expand its real estate network in Spain. In just two months, Cerberus, the owner of the platform, has purchased 80% of BBVA’s real estate, acquired the property developer Inmoglacier and signed a new alliance with a bank: ING.
This latest agreement was signed in November and establishes that, from now on, Haya RE will be responsible for the management and sale of ING’s foreclosed assets, including not only those properties the bank already controls but also those that it inherits in the future due to defaulted loans. Although the real estate exposure of the Dutch institution in Spain is low (no figures were revealed), the deal shows that Haya Real Estate is continuing to win clients in a highly competitive market.
Cerberus España already controls the assets of BBVA (once Project Marina is approved in the middle of the year), Sareb, Bankia, Liberbank, Cajamar and those of other funds such as Waterfall. In total, it has property worth more than €50 billion under its management.
Another contract won by Haya recently was Waterfall’s, comprising 400 assets worth €57 million, purchased from Cajamar. That agreement made amends for the fact that Altamira won the contract to manage the assets of Liberbank that were acquired by Bain Capital.
All of the real estate platforms (also known as servicers) are trying to win business ahead of a possible consolidation in their market in 2018. Haya Real Estate, Servihabitat (in which TPG and CaixaBank hold 51% and 49% stakes, respectively), Altamira (owned by Apollo 85% and Santander 15%), Aktua (Lindorff) and Anticipa-Aliseda (Blackstone) are the largest.
Another recent move in the sector saw the entry of Axactor, with the acquisition of Unicaja’s assets.
Solvia, the real estate arm of Sabadell, is one of the major unknowns in the sector. Two years ago, it negotiated a possible merger with Haya Real Estate, which has still not been ruled out as we head into 2018.
Original story: Voz Pópuli (by Jorge Zuloaga)
Translation: Carmel Drake