The investment fund Cerberus has initiated the process to sell part of its portfolio of rental properties in Spain, managed through its SOCIMI MACC. According to El Confidencial, the US firm has begun contacting advisors to design the operation, which in this first phase would include the sale of several portfolios of flats representing approximately 20% of its portfolio.
MACC, created five years ago with assets acquired from Banco Sabadell and BBVA, differs from other SOCIMIs in the Spanish market such as Blackstone, Ares, Azora or APG, as it manages granular housing, with properties distributed in different buildings instead of complete blocks. This particular model generates uncertainty in the planning of the operation, as there are no direct precedents for defining its perimeter or the profile of potential buyers. In the initial analysis, Cerberus has focused on assets located in Madrid that are already stabilised and generating rents, with the aim of attracting the greatest possible interest among investors.
At the end of 2023, MACC had 3,595 properties with a net asset value of 456 million euros, generating rental income of 20.7 million euros. However, these figures would have increased significantly, as the socimi was one of the most active purchasers last year. In June 2024, it integrated around 400 homes from Divarian Propiedad, the joint venture created in 2018 between BBVA and Cerberus following the sale of a portfolio of real estate assets with a gross value of €13 billion.
