15 December 2017 – Expansión
On Friday, the investment fund Cerberus announced the purchase of the property developer Inmoglacier. According to sources in the sector consulted by Europa Press, the fund has taken control of 75% of the firm controlled until now by the Moreno family.
The transaction represents a new bet by the US fund for the Spanish real estate market. At the end of November, BBVA sold 80% of its real estate portfolio to Cerberus for €4 billion.
Cerberus, which has not revealed the amount involved in this operation, plans to use the company as a platform to strengthen its commitment to the sector and undertake new purchases.
Inmoglacier plans to deliver more than 1,000 homes in 2018 of the almost 2,000 that it has under construction. Currently, the real estate company is focusing its construction activity in Madrid, Barcelona, Tarragona, Zaragoza and Granada.
The head of the European advisory office at Cerberus, Lee S. Millstein, has said that this operation has been carried out due to the growth opportunities that the Spanish market offers at the moment.
Meanwhile, the CEO of Inmoglacier, Ignacio Moreno, has said that for his company, the sale means consolidating its position financially over the long-term with a “major strategic partner”.
Original story: Expansión
Translation: Carmel Drake