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Servihabitat to Triple Size Out of La Caixa
25/06/2014 – El Confidencial
Real estate servicer Servihabitat has grown up. After the sale of the 51% stake to TPG the group wishes for managing more assets than those of La Caixa. The plan is to triple their number within the next 5 years.
Aside from the bank´s property, Servihabitat administers assets in the balance of Sareb, for which it could submit an offer. The option seems “very interesting” to the group.
During the six months of the ongoing year, the servicer has marketed or rented €1.3 billion in property (over 15.000 units). The figures shall be supplied with a €3 billion worth sold last year and another €4 billion in leased property.
Currently, Servihabitat manages over €43 billion in real estate and financial assets. Due to the boosting interest in the Spanish property, the firm bets on servicing. It has become the first independent property manager with own technological platform and core banking system.
At the auction of management contracts with Sareb, Servihabitat will have to face other servicers run by funds like Värde Partners – Kennedy Wilson (the property administrator of Popular), Blackstone (CatalunyaCaixa Inmobiliaria) Cerberus (Bankia Habitat and Cajamar´s Cimenta2) and Centerbridge (BMN).
Binding offers are expected to arrive to La Caixa this week and the entire process will end up in August.
Original article: El Confidencial (by Marcos Lamelas)
Translation: AURA REE