Haya Real Estate Looks to Expand into Italy & Greece to Grow its Business

27 May 2019 – Expansión

Haya Real Estate, the servicer controlled by the US investment fund Cerberus, is looking to grow its business. Following its merger with Divarian (formerly Anida), it is now the second largest servicer in Spain, after Altamira, with 1,200 employees and €47 billion in assets under management.

In order to diversify its portfolio, the servicer led by Carlos Abad (pictured above) is evaluating its expansion into Italy and Greece, two emerging markets in which multiple NPL investment and management opportunities are expected to arise in the short term. That would help alleviate concerns over Haya’s future, which currently depends heavily on the outcome of the servicer’s negotiations with Sareb, whose contract is due to expire in December.

The future of Haya Real Estate has been up in the air since its stock market debut was postponed last year. Cerberus has held its stake in the servicer for six years now and is keen to exit soon given that its typical investment rotation period amounts to five years. Following the postponed IPO, the US giant is now holding preliminary conversations with several other investment funds interested in acquiring its stake, but the price will depend on the servicer’s future with Sareb.

Original story: Expansión (by Rebeca Arroyo)

Translation/Summary: Carmel Drake

Haya Real Estate Negotiates Contracts with Sareb & BBVA Ahead of its IPO

31 July 2018 – Europa Press

Haya Real Estate, the Spanish real estate servicer owned by the US fund Cerberus, has linked its possible IPO in Spain to the “visibility” that it obtains over the negotiations that it is holding to renew its contract to manage the real estate assets of Sareb and to take over the contract of BBVA.

That is according to the firm’s Finance Director, Bárbara Zubiria, speaking during the presentation of the servicer’s half-year results.

With respect to Sareb, Haya Real Estate is currently offering the bad bank various alternatives ahead of the termination, in mid-2019, of its contract to manage some of the bad bank’s assets.

In terms of BBVA, the firm is waiting for the entity to decide whether to award it the management of the assets that it is going to transfer to a joint venture owned by the bank together with Cerberus.

For the time being, during the first half of the year, Haya Real estate saw its revenues rise by 20% to €130.2 million, boosted by an “increase” in the commissions that it charges for its activity and management.

Meanwhile, the EBITDA grew by 16% to €64.9 million, according to reports from the company.

During the first half of the year, the servicer led by Carlos Abad managed assets amounting to €38.8 billion, on which it closed transactions worth €2.4 billion, up by 58% YoY.

In financial terms, at the end of the period, the firm had corporate debt amounting to €463 million.

Spain’s first listed servicer

Haya Real Estate is continuing to weigh up the pros and cons of its leap onto the stock market even though two of the three real estate companies that had announced their debuts, Azora and Testa Residencial, postponed their own IPOs and have opted to list on the MAB instead.

In the event that it does make its stock market debut, the firm led by Abad will become the first of its kind to list on the stock market in Spain and one of the first in Europe.

The servicer of Cerberus is not a real estate company, but rather a company that manages and develops real estate assets for third parties, in this case, primarily assets that were foreclosed by the financial institutions during the crisis.

Constituted in 2013, the firm currently manages loans and real estate assets worth almost €40 billion. Some of the entities that have entrusted the firm with the management of their assets include Cajamar, Liberbank, BBVA, Sareb and Bankia, amongst others.

Original story: Europa Press

Translation: Carmel Drake

Haya’s Revenues Rise by 12% in Q1 2018 to €56M

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