Haya selected by Sareb to manage the assets tendered in the Esparta process
- Haya will be the first servicer to support Sareb’s transition to its new business model
- Haya will manage € 8.4 Bn at Net Book Value (€ 15Bn at Gross Book Value approximatively) of Loans and Real Estate Owned Assets under the new contract through mid-2022
October 31, 2019 - Madrid. Haya Real Estate (“Haya”), the Spanish market leader in the management of real estate debt and Real Estate Owned assets, announced today that it has been selected as the first servicer to support SAREB on the implementation of its new business model under Sareb’s recently announced new Strategic Plan. In this context, Haya and Sareb have signed a new servicing agreement to service a portfolio of loans and Real Estate Owned assets amounting to € 15 Bn AuM (at Gross Book Value, or GBV) through mid-2022. Haya has been awarded the totality of the auctioned perimeter in a highly competitive tender process. The contract involves no upfront consideration and thus conditions will be those standard in the market for an agreement of this type.
Haya will continue working with Sareb under its existing contract until December 31, 2019 and will support Sareb on the progressive transition to the new business model under a new contract that will be effective from January 1st, 2020. Under this new servicing model, Haya will lead overall commercialization activities and will leverage its in depth understanding of local real estate markets to support Sareb’s new regional strategy. Sareb will assume the direct management of certain positions and will seek to assume certain non-commercial functions as previously anticipated.
Carlos Abad, CEO stated: “We are very proud of having been selected as the first servicer to support SAREB on the implementation of its new business model. We will continue working with the outmost rigor and commitment to help our client reach its business objectives.”
Juan Hoyos, Executive Chairman added “this contract endorses the Company’s focus on strong service delivery achieved through the hard work of all our employees sustained over the last 5 years”. Finally, he stated “I would also like to thank Sareb for the continued trust deposited in Haya. We will work very hard to maintain the strong and healthy relationship that we have built so far”.
About Haya Real Estate
Haya is the leading company in the management of Non-Performing Loans and Real Estate Owned assets (NPLs and REOs, respectively) in Spain. The company manages assets as well as financial and real estate vehicles for a wide variety of clients, from financial institutions to international investors. In total, Haya is responsible for €31.8 billion of AuMs (Assets under Management).
Haya offers products and services covering the entire value chain of NPLs and REOs. Its NPL services focus on the management of corporate or individuals’ debt, with a high degree of specialization in the valuation, management and recovery of loans and the conversion of non-performing loans into real estate owned assets. Real estate services are delivered to a portfolio of ~189,000 assets under management, and they range from asset boarding, property management, maintenance and valuation to its commercialization. Haya's services are fully integrated into the lifecycle of each NPL / REO, and also involve portfolio advisory, underwriting capabilities, land management, completion of works in progress and securitization.
Haya’s main clients include financial institutions such as BBVA, Caixabank (former Bankia), Cajamar, Liberbank, Sareb and international investment funds such as Cerberus Capital Management. The company employs ~863 professionals, featuring an extensive sales network that covers the entire Spanish geography. Haya has invested ~€63 million euros in cutting-edge technology, data analysis and IT tools focused in process efficiency and performance delivery.
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