Cerberus considers freezing the sale of Haya Real Estate

Cerberus considers freezing the sale of Haya Real Estate

This decision was caused by the fact that the American fund has «other more urgent operations in its hands right now», reported newspaper Expansión in its print edition.

Haya Real Estate was placed back on the market at the beginning of July after Cerberus broke negotiations with Centricus for reasons which remain undisclosed. The Spanish servicer was being negotiated for 700 million euro, almost half the amount the American company had asked when it had previously placed it on the market in March 2019.

Now, according to newspaper Cinco Días, its value might be even lower, given Haya Real Estate’s new vulnerabilities caused by the Covid-19 pandemic. 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 the other hand, the current situation might also help it recover, since post-crisis opportunities might be concentrated on NPL increases.

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