Cerberus and Centricus end negotiations concerning Haya Real Estate

Cerberus and Centricus end negotiations concerning Haya Real Estate

Last March, the American management company Cerberus placed the Spanish servicer on the market for around 1.200 million euro. Several companies presented their bids at the time, but Centricus won the race. On the table was something like 700 million euro.

After advances and setbacks, the negotiations have now ended, according to the information advanced this Monday by newspaper Cinco Días. Thus, Haya Real Estate is back on the market but weakened by the pandemic’s effects.

Despite reaching 504 million euro in transactions (327.8 million euro in REO portfolios) during the first quarter, its revenues (45.2 million euro) and profit (6.2 million) were lower than last year, according to the company’s latest report. Added to this, its portfolio was reduced to 34 billion euro, after Sareb restrained its portfolio to management.

On these results, Enrique Dancausa, Haya’s CEO, commented in May that «we have confidence on the strength of our company and our employees to respond to the changes needed to face this crisis and ensure that Haya takes advantage of the opportunities which will appear. The context is very challenging and the prospects for 2020 are very uncertain. Nevertheless, we are doing all that we can to mitigate the impacts and will remain focused on serving our clients in order to overcome this crisis together».

Post-crisis opportunities might be concentrated on NPL increases, which can help rebuild Haya Real Estate.

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