20 January 2020 – Expansión
Haya Real Estate, the servicer owned by the US fund Cerberus, is preparing to make redundancies after the scope of its contract with Sareb was reduced at the end of last year. The extent of the cuts are not yet clear but Haya, which employs more than 1,200 people, will begin conversations with the unions this week.
Following the renegotiation of its contract with Sareb, Haya now manages a portfolio of loans and properties worth around €8.4 billion for the bad bank, which is 30% smaller than before. Moreover, the servicer will now be remunerated by Sareb on a success fee basis, i.e. on the basis of the number of homes it sells.
Haya is the first of the 4 servicers to renegotiate its contract with Sareb. The other operators, Solvia, Altamira and Servihabitat, will all see their contracts come up for renewal in 2021.
Meanwhile, Cerberus has been trying to exit Haya, which it has owned for 6 years, first by listing it on the stock market and then by selling it, but neither approach has proved successful.
Original story: Expansión (by R. Sampedro and R. Arroyo)
Translation/Summary: Carmel Drake