Tag: Montalbán

Sareb Hires DC Advisory to Overhaul its Servicer Contracts

15 March 2019 – El Confidencial

Sareb is determined to change track. The entity chaired by Jaime Echegoyen  (pictured below) has taken the decision to cut back the contracts that it currently has with its servicers (Haya, Altamira, Solvia and Servihabitat), in an overhaul of the work that is currently carried out by those platforms.

The timing is perfect, given that Haya’s contract is due to expire at the end of this year and the rest of the agreements mature in 2021. To this end, the bad bank has engaged the advisory firm DC Advisory (previously Montalbán) to help it redefine the servicers’ contracts. The business generates commissions of around €100 million per year.

Sareb is keen not to renew the existing contracts with lower commissions but rather to design a completely different model with new conditions and perimeters. The options range from assuming more of the work itself in-house to organising the out-sourcing of the portfolios by region.

The pressure is on for Sareb to divest its assets given that the entity itself has an expiry date and the current climate is ideal for undertaking operations.

Original story: El Confidencial (by R. Ugalde & J. Zuloaga)

Translation: Carmel Drake

Dazia Capital Creates a Property Developer JV with French Fund Eurazeo

25 May 2018 – Expansión

The real estate group Dazia Capital and the French private equity fund Eurazeo Patrimoine have joined forces to tackle the residential sector in Spain. This alliance is being manifested in the launch of the joint venture Dazeo.

With a time horizon of three years, Dazeo will have an investment fund from Eurzaeo amounting to €70 million to undertake acquisitions in Madrid, Barcelona, Valencia, the Costa del Sol and other urban nuclei in Spain. The joint venture, controlled by Eurazeo, will achieve a business volume of up to €250 million, according to the forecasts. The agreement has been advised by Montalbán, Cuatrecasas and Uría Menéndez.

Dazeo has been created with a portfolio comprising three buildings in Madrid on Calles Alcalá, Santa Engracia and Santa Isabel. The entity is going to begin a new build project soon in the capital’s Salamanca neighbourhood, which will comprise 23 luxury homes with gardens, a garage and a gym.

Dazia Capital will be responsible for managing the projects from the acquisition through to the development and subsequent sale of the homes with Dayra Homes, its promoter brand.

It is not the first time that Dazia has reached a such an agreement to grow and boost its business, focusing on the residential market in urban nuclei, where last year it accumulated an investment of €185 million.

In 2017, it signed an agreement with the British fund Chenavari. Over the last four years, it has acquired buildings and land with a surface area of 86,000 m2 and 500 homes in Madrid and Costa del Sol.

Daniel Mazín (pictured above) is the CEO of Dazia Capital.

Original story: Expansión (by Elisa Del Pozo)

Translation: Carmel Drake

Dazia Teams Up With British Fund Chenavari To Promote Growth

10 October 2017 – Expansión

Vía Célere was one of the pioneers in seeking foreign finance to accelerate its growth, but the explosion of the real estate market in Spain means that its formula is now being copied right across the sector. The latest example, in the form of Dazia Capital, has demonstrated it once again. The real estate group specialising in the residential segment has teamed up with the British fund Chenavari with the aim of obtaining a financial boost for the construction of its developments.

In an operation advised by Montalbán, the two entities have agreed to participate together in the construction of a new housing development in Madrid with a market value of €30 million, according to sources at the companies.

The project, located just a stone’s throw from Cuatro Caminos, will contain around 90 homes, as well as parking spaces and green spaces with a swimming pool and will occupy around 8,000 m2. According to the terms of the agreement, Chenavari will hold a majority stake of around 85%, whilst Dazia Capital will retain the remaining 15% and will be responsible for managing the development, as well as for constructing and marketing it.

The model that Dazia has chosen to finance its growth is not new. In the past, the company resorted to a similar structure, although in that case, its partner was a family office. Now, it is leaping into a more significant alliance, with a fund that specialises in taking advantage of investment opportunities in the credit market.

“The agreement reached with the Chenavari group will allow Dazia to increase its real estate investments, accelerating the rate of growth and the expansion of the residential market”, says Daniel Mazín, CEO of the Spanish company. “This market demands a lot of capital”, he added.

“It makes sense that real estate groups are allowing funds to enter their projects as they grow because it is the quickest way of obtaining returns from the investments that they have made in land”, explains a director in the sector.

Dazia is currently constructing 500 homes in Madrid and the Costa del Sol, with a combined market value of €180 million.

In the last quarter, the group acquired four new assets in Madrid and expanded the focus of its activity to include Valencia and Alicante, ahead of the surge in new housing in Spain.

Original story: Expansión (by Inés Abril)

Translation: Carmel Drake