3 February 2016 – Expansión
Yesterday, the Aragonese group Ibercaja signed an agreement to outsource the management of its real estate assets to Aktua.
The platform, which is owned by the US fund Centerbridge, has itself been up for sale since the end of 2015. Altamira is one of the favourites in the running to acquire it.
The operation signed by Ibercaja is the first of its kind in the Spanish banking sector since 2013, when the large entities, such as Santander, CaixaBank, Bankia and Popular all sold their real estate platforms under management contracts lasting around ten years.
Those operations allowed the Spanish banks to raise capital in exchange for ceding future commissions, and transferring the administration and sale of their assets to specialist firms. Those deals allowed them to focus on their strategic business, namely: to grant loans and take deposits.
“This operation, which is going to have a positive impact on the income statement of Ibercaja Banco, aims to establish a stable partnership with a prestigious industrial partner, to strengthen the entity’s strategy of boosting the sale of its real estate assets through the retail channel and simplifying and optimising its structure in the real estate sector”, said Ibercaja in a statement.
With this operation, the financial group takes a step closer towards its future debut on the stock market in the medium term. This comes after the sale of the majority if its bad real estate loans to Oaktree last year.
Ibercaja has been advised in this process by N+1 and Baker & McKenzie, and Aktua has been advised by KPMG, as its financial and legal advisor.
Original story: Expansión (by Jorge Zuloaga)
Translation: Carmel Drake