Intrum has launched an agreement to acquire 100% of Haya Real Estate for a total consideration of €140 million, which will integrate the company into Intrum's structure in Spain, expanding its portfolio of clients and assets under management.
"The acquisition of Haya Real Estate strengthens our position in Spain, one of Intrum's key markets globally. It also addresses one of the organisation's strategic priorities for 2023 - to grow and transform - by accelerating our commercial development and strengthening our real estate asset management and secured lending business," said Andrés Rubio, president and CEO of Intrum AB.
José Luis Bellosta, managing director of Intrum in Spain, said: "We are very pleased with this agreement, as it will allow us to broaden our client base in the Spanish market and deepen our relationship with top-tier financial institutions, as well as bring an excellent team of professionals to our business in Spain.
"This transaction will help us to maximise the capture of business opportunities and deepen our shared objective of providing the highest quality service to our clients".
Enrique Dancausa, CEO of Haya Real Estate, said: "We are very pleased with the signing of this agreement. We are convinced that the combined capabilities of Haya and Intrum will enable us to uniquely address the challenges presented by the servicing sector in Spain. This transaction will help maximise the capture of business opportunities and deepen our shared goal of providing the highest quality service to our clients.
Intrum increases assets under management by EUR 11 billion with the acquisition of Haya Real Estate
With this transaction, Intrum will increase its assets under management in Spain by approximately EUR 11 billion through a transaction involving the acquisition of real estate assets currently managed by Haya, totalling 105,000 assets.
As a result of this agreement, Intrum will strengthen its relationship with Cerberus, one of the largest global investors in non-performing asset portfolios, and will also significantly expand its business with major Spanish financial institutions, including BBVA, CaixaBank and Grupo Cooperativo Cajamar.
The integration of Haya Real Estate will further strengthen Intrum's business in Spain, as the organisation will add more than 550 specialised professionals to its team. This will strengthen the company's commercial and operational capabilities.
The transaction is expected to be completed in the third quarter of 2023, subject to obtaining the approval of the competition authority in Spain and the formal cancellation of any security interest in the company's shares and assets. Haya Real Estate had a transaction volume of €2,438 million and generated revenues totalling €173.7 million at the end of 2022.
