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Servihabitat: Sales Of €212M For Spain’s Largest Servicer

18 March 2015 – Expansión

Servihabitat increased its real estate sales by 38.8% in 2014, selling 21,163 assets in total. The real estate company, which is controlled by the fund TPG (51%) and part-owned by Caixabank (49%) also signed 14,873 lease agreements, and so, in total, it successfully marketed 36,036 units.

Thanks to these transactions, the platform led by Julián Cabanillas generated turnover of €212.64 million, which represents an increase of 24.9%. “We are very pleased with the results obtained in a particularly difficult year”, said Cabanillas, the CEO (of Servihabitat) yesterday.

When it was founded, Servihabitat was dedicated solely to the sale of property that had been repossessed by the La Caixa group. Nevertheless, it has now adopted a multi-client strategy and it was one of the real estate companies to be awarded the management of some of Sareb’s assets, which are now being migrated across. Specifically, it took over the management of 33,000 properties and loans from Novacaixagalicia, Liberbank and Banco de Valencia worth €9,200 million. In this way, Servihabitat’s portfolio has grown by 26% and now includes 194,156 units. According to market sources, this volume of properties is worth around €59,000 million, which makes Servihabitat the largest servicer in the sector with a market share (by value) of 22%, ahead of Haya Real Estate, Altamira, Solvia, Anida and Aliseda.

44,207 properties in the entity’s portfolio are currently rented out, which represents an increase of 47%.

Original story: Expansión (by S. Saborit)

Translation: Carmel Drake