Cerberus now controls the entire Inmoglaciar promoter

Cerberus now controls the entire Inmoglaciar promoter
Haya Real Estate headquarters

The US fund has recently closed the purchase of 5% of shares in the promoter that remained outside of its control, to become the sole shareholder of Inmoglaciar.

Cerberus bought 60% of the company at the end of 2017 from the Moreno family, founders of the promoter, shortly after agreeing to buy a large part of the brick of the Bbva, through Anida, the real estate arm of the bank.

The Cerberus Capital Management subsidiary acquired a majority stake in Inmoglaciar, with the aim of "boosting the developer's future growth and improving its ability to finance operations, such as the acquisition of land for new residential developments," as explained by the two companies in the time of the operation.

From then on, the fund has been increasing its participation in the company, either through the acquisition of shares or with the contribution of assets through capital increases.

Inmoglaciar closed 2021 with a turnover of more than 120 million euros and delivered more than 450 homes. The group has a portfolio of 1,250 homes in the development phase and expects to put an additional 1,500 homes on the market throughout 2022.

Cerberus has invested in the Spanish market about 14,000 million euros. The US fund manager is the second largest buyer of real estate assets in Spain, only behind Blackstone. One of the great assets of Cerberus in Spain is Haya Real Estate.

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