Tag: Altamira Asset Management

doValue Finalises Acquisition of 85% of Altamira for €360MM

28 June 2019

doValue, the Italian NPL specialist, acquired 85% of Altamira Asset Management from firms controlled by Apollo Global Management, Canada Pension Plan Investment Board and the Abu Dhabi Investment Authority. The Italian firm paid 360 million euros.

The operation had been originally announced in December. doValue finalised the acquisition this month after Banco Santander decided not to exercise its tag-along rights, maintaining its 15% stake. DoValue had offered to acquire 100% of the firm.

After the acquisition, DoValue will have €130 billion in assets under management.

Original Story: EjePrime

CCB & Altamira Asset Management Form Joint Venture To Tackle NPLs

19 July 2017 – Famagusta Gazette

Cooperative Central Bank and Altamira Asset Management have decided to form a joint venture to manage the former’s non-performing loans and real estate.

At the same time, after a relevant resolution, the Bank decided to change its name to “Cyprus Cooperative Bank” and to introduce the total issued share capital of the Bank, totaling €6,036,000,000, of a nominal value of €0.28 each, to the main market of the CSE at a price of €0.10 each in consultation with the competent supervisory authorities and the European Central Bank.

The resolution, approved by an extraordinary General Shareholders’ Meeting, deals with the creation of a ten-year old consortium between the CCB (49% ) and Altamira (51%) for the management of NPLs (€7.2bn) and real estate (€0.4bn).

In a statement, the General Manager of the Cyprus Co-operative Bank, Nikolas Hadzigiannis said that “the approval of the cooperation with Altamira” is in many ways a very positive development for the Bank “, adding that” this cooperation constitutes a landmark for the Bank, as it takes us to the next stage of managing loans in arrears, in line with European banking practices. ”

“The Bank has set ambitious but realistic targets for the future of overdue loans with this great partnership so as to get out of the problem in the next five years. We move forward decisively,” he added.

Altamira is the second largest asset management company in Europe with a portfolio under management worth €65 bn.

In an email to the CCB, Altamira’s General Director, Julian Navarro Pascual expressed satisfaction over the very significant business deal that has come after lots of dedicated preparation. He also expressed his readiness to face the challenge on Cyprus soil.

Finance Minister Harris Georgiades, in a statement issued after CCB’s announcement, described the decision to form a joint platform with Altamira as a decisive step towards dealing with its NPLs.

Original story: Famagusta Gazette

Edited by: Carmel Drake

Altamira Buys Oitante’s Servicer In Portugal

5 April 2017 – La Vanguardia

Altamira Asset Management and Oitante, the company created to manage Banif’s assets, have agreed to purchase the business unit responsible for managing the latter’s real estate assets and loans (the servicer) in Portugal.

The new servicer will initially manage real estate and financial assets worth more than €1,500 million, according to a statement issued by the manager, which currently has assets under management worth more than €50,000 million.

The manager indicated that the operation has been structured in such a way that ensures “significant” financial support, but it did not reveal any more details.

Alantra acted as the financial advisor to the operation, whilst Linklaters advised Oitante on the legal side and Uría Menéndez-Proença de Carvalho advised Altamira

Original story: La Vanguardia

Translation: Carmel Drake

Bain Capital Sells Bancaja Habitat’s Former HQ

14 March 2017 – Expansión

Activity is continuing in the Valencian real estate market, although this time, the deal is more symbolic than significant. The headquarters of what used to be the largest real estate company and landowner in the Community of Valencia, Bancaja Hábitat, has a new owner. The US investment fund Bain Capital has sold the property located on Paseo de Alameda 7 in Valencia, which had been the operational headquarters of the former real estate subsidiary of the former savings bank.

Bain Capital took control of the commercial property, which has a surface area of 1,870 m2 spread over two floors, as part of a large batch of assets and debt that it acquired from Bankia in 2016. In turn, Altamira Asset Management had been entrusted to manage the property.

According to comments made by the real estate consultancy Inmoking, which participated in the operation as the marketer of the premises, the building has now been purchased by a Valencian investment group, whose identity has not been revealed. The new owner plans to look for a tenant for the premises, which are currently closed.

Catering and gastronomic businesses have proliferated in this area of La Alameda in recent years, which had been dominated by office buildings before the crisis. One example includes the recent opening of a Ginos restaurant by the Vips chain, on the ground floor of the La Pagoda building.

Original story: Expansión

Translation: Carmel Drake

Altamira Sells New Office Building In 22@ District To Family Office

1 February 2017 – Real Estate Press

BNP Paribas Real Estate has advised a Catalan family office on the purchase of a new office building located on Avenida Diagonal, 131 in Barcelona.

The property, which has a surface area of 3,150 m2 and 36 parking spaces, has been acquired from the real estate arm of the Santander Group, Altamira Asset Management, market leader in the sale of properties and in the valuation and construction of real estate developments.

The new building has been built in accordance with the highest quality requirements and has received an “A” energy rating, making it the only building with these characteristics in the 22@ district, the area marketed as the continuation of Barcelona’s Prime area. The family office behind this purchase will now put this new office building up for rent; it will make an ideal corporate headquarters in the Catalan capital.

This operation is further proof that the office market is experiencing one of its busiest periods since the start of the crisis. The purchase of newly constructed office buildings for rent is establishing itself as one of the preferred options for investors. This activity is expected to evolve continuously during 2017.

In addition to this deal, BNP Paribas Real Estate advised numerous high profile transactions during 2016, including several in the Catalan office investment market, such as the sales of the Gran Vía, 583 and Pere IV, 289 office buildings.

Original story: Real Estate Press

Translation: Carmel Drake

Sareb Sells 2 Portfolios To Deutsche For €160M

30 December 2016 – Expansión

Sareb has sold two debt portfolios to Deutsche Bank for €160 million. One, worth €80 million, called Sevilla, contains debt secured by residential assets (homes) located all over Spain. The other, called Marina, is a debt portfolio secured by industrial logistics assets located in Madrid and Toledo.

The two operations have been advised by Dentox and Copernicus. These sales come after Project Eloise, which was closed by Sareb earlier in the week for €600 million, for which it received legal advice from Ramón y Cajal. That operation was the largest in Sareb’s history. It was secured by homes, located above all in Cataluña, Madrid, Andalucía, Galicia and Valencia. The financial advisor in Sareb’s three sales has been CBRE.

The transactions have been made more challenging since the Bank of Spain introduced its accounting regulations, which oblige the bad bank to update its assets to market prices each year. In March, for example, the entity sold a package of loans whose collateral included industrial logistics assets, hotels and offices. In September, it divested another portfolio secured by residential buildings in Madrid.

The entry into force of the Bank of Spain’s new accounting circular forced Sareb to undertake a clean up of €2,044 million during the first half of the year, which was added to provisions amounting to €968 million from the previous two years. The four real estate companies that sell Sareb’s assets are Altamira Asset Management, Haya Real Estate, Servihabitat and Solvia.

Between January and September, the bad bank sold 8,930 properties, up by 12% compared to the same period last year. Of those, 5,109 were its own properties. Another 3,821 came from the balance sheets of property developers.

Original story: Expansión

Translation: Carmel Drake

UBS Acquires 2 Office Buildings For €89M

24 October 2016 – Expansión

The real estate division of UBS has expanded its real estate portfolio in Spain once again. The fund has completed the purchase of two buildings in Spain, for a total investment of €89 million.

In Madrid, UBS Asset Management’s Global Real Estate firm (GRE) has acquired an office building, with a leasable surface area of 13,195 m2, spread over five floors and with 417 parking spaces, located on Calle José Echegaray, in the Las Rozas business park. The operation, closed on behalf of one of the Swiss entity’s clients, amounted to €36.5 million.

The property is leased in its entirety to five tenants, including Altamira Asset Management (the real estate division, controlled by the investment fund Apollom that manages Santander’s assets), Avantcard, Finanmadrid and the marketing agency Anekis.

In addition, UBS has purchased the headquarters of Roca Junyent in Barcelona. The property, located close to Avenida Diagonal, contains 11,219 m2 of office space, 39 parking spaces and another 1,000 m2 of storage space.

UBS has purchased that building for €52.5 million for its UBS Diamond Eurozone Offices fund. “The property is in keeping with the fund’s strategy, which looks for basic and advanced investment opportunities, particularly new or recently renovated offices, with high occupancy rates to ensure long term rental income, located in premium sites in the Eurozone’s largest ten to fifteen cities”, say sources at the Swiss bank.

Original story: Expansión (by Rocío Ruiz)

Translation: Carmel Drake

Sareb Puts Its First 700 Finished Homes Up For Sale

7 October 2016 – Expansión

Sareb has put the first 700 homes on the market that it has now completed after it acquired unfinished properties from various nationalised banking institutions when it was created.

According to a statement published yesterday by the entity, 34 developments are being sold in total, containing 700 homes, whose prices will range from €32,000 for the cheapest to €390,000 for the most expensive.

The homes finished by Sareb are located in nine autonomous regions: Asturias, Cantabria, Castilla-La Mancha, Castilla y León, Cataluña, Comunidad Valenciana, Galicia, La Rioja and La Comunidad de Madrid.

These properties, together with another 1,300 newly built homes, form part of the “Casas de Estreno” campaign launched by Sareb, which explained that the managers that support the company (Altamira Asset Management, Haya Real Estate, Servihabitat and Solvia) will be responsible for marketing all of these assets.

Strategy

Information about the homes can be found on the website www.sarebcasasdeestreno.es. It contains the basic details of each home along with photos.

“The completion of the unfinished construction work, in places where there is demand, forms part of Sareb’s strategy to maximise the value of the assets it received and fulfil its divestment mandate in the most efficient way” said the Director of Direct Management at Sareb, Juan Dios.

The region with the most homes for sale in this new portfolio is Cataluña, which accounts for almost 200 homes. The majority, 114, are located in Barcelona. There are also lots of flats for sale in the Community of Valencia, where Sareb has completed seven developments containing 170 homes, of which 108 are located in the province of Valencia.

In Asturias, the company has completed a development containing 112 homes and in Castilla y León, it will put almost 100 homes up for sale in the province of Cuidad Real.

Original story: Expansión

Translation: Carmel Drake

Sareb Sells NPL Portfolio To Bank Of America & Hayfin

16 September 2016 – Expansión

Sareb has just sold a portfolio of non-performing loans worth €70 million to Bank of America and Hayfin Capital Management (founded by former directors of Goldman Sachs), which is secured by several residential buildings in Madrid. The agents of the operation have been Haya Real Estate and Solvia, who have declined to comment. Sareb does not have its own sales network, but uses the exclusive services of the two real estate managers, together with those of Servihabitat and Altamira Asset Management.

According to sources close to the operation, the discount obtained in the transaction has been 50%.

As a result of the new accounting legislation, operations are now a lot more segmented and therefore smaller.

Solvia, which belongs to Banco Sabadell, has been collaborating as one of Sareb’s agents for almost two years. It won the management of a portfolio containing 42,900 assets, of which 33,000 were properties originally from Bankia and the others were loans acquired from Banco Gallego and Banco Ceiss with various kinds of real estate guarantee.

In March, Sareb completed the sale of another batch of loans, which were secured by industrial logistics assets, hotels and offices, located in Madrid, Barcelona, Cáceres and Tarragona. The nominal amount of the operation amounted to €73.7 million.

The opportunistic funds, the typical stars of these operations, are starting to withdraw from the Spanish market and funds with more potential are now arriving, including Socimis and family offices. The funds that have sold portfolios in the last four years have managed to obtain IRRs of between 10% and 20%, according to business people in the sector.

Sareb was created in 2012 and is owned by the FROB (45%) and by the main banks (55%), with the exception of BBVA. 80% of its assets are loans to property developers and the remainder are real estate assets. Their total nominal value amounts to €107,000 million. By size, the bad bank exceeds its Irish counterpart Nama. Even so its market share barely reaches 4%, because it is a very fragmented market. The large banks compete directly with Sareb in the sale of properties, but bank bad has the advantage of time on its side. It has 12 years to execute its business plan and is under no pressure to list on the stock market.

According to the latest statements by its Chairman, Jaime Echegoyen, Sareb should stop losing money next year. Recently, it has started to develop plots of land from scratch, which will result in 700 homes and €100 million of investment. 21% of Sareb’s revenues are generated by the sale of real estate assets. It is currently selling an average of 27 units per day.

Original story: Expansión (by R. Lander)

Translation: Carmel Drake

Sareb Puts 1,300 RE Assets In Madrid & Barcelona Up For Sale

21 June 2016 – Expansión

Sareb has launched a commercial campaign to sell a selection of more than 1,300 assets in the metropolitan areas of Madrid and Barcelona. The majority of the properties are new and second-hand homes and they are being marketed under an initiative that goes by the name “MAD-BCN/BCN-MAD”, which will run for three months.

Potential buyers can access the full list of properties through a dedicated website that allows users to search by location, as well as access detailed information and request more data by email or telephone. It is also possible to buy a property through the website, and to make direct contact with the marketing platform to execute an operation. The four platforms that support Sareb (Altamira Asset Management, Haya Real Estate, Servihabitat and Solvia) are responsible for marketing these properties.

The assets included in the campaign comprise a “very competitive” portfolio, thanks both to their prices and their location, according to the so-called bad bank

Original story: Expansión

Translation: Carmel Drake