24 May 2018 – Eje Prime
Haya is continuing to grow its real estate business. The Spanish servicer, controlled by the US fund Cerberus, recorded revenues of €55.9 million during the first quarter of the year, whereby increasing its turnover by 12% with respect to the same period in 2017. Its EBITDA amounted to €24.4 million during the same period, up by 6% compared to last year.
The volumes of the real estate company amounted to €895.2 million, which represented a YoY increase of more than 40%. The generation of cash by the servicer amounted to €20.2 million, up by 58%, whilst the firm’s net corporate debt stood at €414 million.
Haya, which managed almost €40 billion in real estate assets during the first quarter, was awarded the new Bankia contract a month ago for the management of all of that entity’s toxic assets, including the REO portfolio from the recently absorbed BMN. This week, the servicer placed on the market 4,000 homes from the bank Cajamar.
Moreover, since the beginning of 2018, the company led by Carlos Abad has signed two new contracts for the management of assets with funds and institutional investors. Haya’s next challenge is its debut on the stock market, which Cerberus recently postponed until after the purchase of BBVA’s property portfolio has been signed, which the fund acquired in 2017.
Original story: Eje Prime
Translation: Carmel Drake