Cerberus Purchases Gescobro From Spanish Fund Miura

18 February 2015 – Expansión

Transaction / The US firm acquires the company that specialises in debt recovery, which has been controlled by the private equity firm Miura for five years.

Following its acquisition of Sotogrande, the US fund Cerberus is continuing to dominant transactions in Spain. Its latest target has been Gescobro, the debt recovery company, owned by the private equity firm Miura since 2010, which held more than 90% of its share capital, according to market sources.

The management team, which held a minority stake in the company, continue at the helm. Through this transaction (for which the consideration paid has not been disclosed), Cerberus strengthens its debt management capability, in particular after investing in bank debt in the Spanish market in recent months.

The US fund already owned Haya Real Estate (formerly Bankia Habitat), which, in addition to its real estate management services, also operates in the field of mortgages.

With the acquisition of Gescobro, Cerberus enhances its position in the debt recovery market, specifically in the consumer credit segment. Last year, Gescobro managed files with a value of €4,000 million. Miura first acquired shares in the company in 2010; until then it was owned by the founding family, the García-Godalls.

Gescobro employs nearly 300 professionals between its headquarters in Barcelona and its offices in Madrid. Heading up the company is Iheb Nafaa, the CEO, who is supported by Gemma García Godall, Head of Business Development and the daughter of the firm’s founders. The two executives were also shareholders of the group when Miura controlled the company and, according to market sources, both continue to hold a minority share.

The transaction, which was closed on Monday, is the second divestment made by the Spanish fund since it was established in 2008. The advisors to the transaction included PwC, on the side of Miura, and the law firm Ashurst, who worked with Cerberus.

Original story: Expansión (by Sergio Saiz)

Translation: Carmel Drake

 

Lar España & Pimco Buy Plot On c/Juan Bravo For €120m

2 February 2015 – Expansión

The Socimi Lar España and the fund Pimco have purchased a plot of land on Calle Juan Bravo in Madrid for €120 million. The land has a buildable area of 26,203 square metres and has been earmarked for the construction of new homes.

Original story: Expansión

Translation: Carmel Drake

Be Mate Buys Alterkeys To Take On More Than 100,000 Apartments

22 January 2015 – Expansión

Growth / The online platform, launched in September, lists 111,000 homes across Europe.

Be Mate, the online platform for tourist accommodation, launched by Enrique Sarasola, the Chairman of the hotel chain Room Mate, has strengthened its business through its first acquisition. The target, Alterkeys, a start-up created in the UK, but based in Spain, has a portfolio of 102,000 apartments located across 42 countries.

The transaction has been completed through a cash payment and a package of Be Mate stock options, linked to the business’s fulfilment of a series of milestones over the short and medium term. Be Mate has financed the monetary contribution, which represents 70% of the total consideration, from its own funds.

Following the acquisition, the management team of Alterkeys, led by its founder José María González, will be integrated into Be Mate, which has hired Jorge Gómez Sancha as CEO. Mr Gómez Sancha founded De Banjo, a company specialising in video on demand, which was subsequently sold to TDF Media Services.

Over the next six months, Be Mate’s team will study the portfolio of apartments listed on Alterkeys to determine how many fit with its business. Sarasola, who together with other partners is the primary individual shareholder of the platform, with a 44.28% stake, calculates that “around two thirds of the properties will be incorporated into Be Mate’s platform”. In the businessman’s own words “this acquisition allows Be Mate to grow very quickly and have a presence in every European capital”. The main markets serviced by Alterkeys are the UK, Italy, France, Germany, Scandinavia and Spain, where it lists 10,900 apartments.

Hotel partnerships

Sarasola admits that they have not yet decided how the Alterkeys brand will be used. The question will be resolved over the next few months, once Be Mate, which itself lists 9,000 tourist homes, has had the opportunity to segment the new supply. During the second half of the year, Be Mate will develop partnerships with independent hotels in those cities in which Room Mate does not have a presence, since Be Mate seeks to differentiate itself from other companies, such as AirBnB, by offering certain hotel-style services to its clients during their stay. Be Mate has received more than 1.5 million visits since September and has more than 7,000 registered users.

Original story: Expansión (by Yolanda Blanco)

Translation: Carmel Drake