Cerberus plans to merge Divarian with Haya

Global alternative investment firm, Cerberus, has announced plans to merge Divarian, the joint venture company it created with BBVA after buying its real estate assets, with its Spanish NPL and property manager Haya Real Estate.

Following the merger, the servicer will manage a portfolio of approximately 200,000 mostly residential properties previously owned by BBVA, but also includes commercial & industrial properties as well as land distributed across the country. The merged entity would have €49 billion in assets under management according to EuropaPress.

The company’s CEO, Carlos Abad, expressed his «enthusiasm» regarding the merger with Divarian, a company which split 80% to 20% ​​between Cerberus & BBVA respectively. Currently, Haya provides services to Sareb, BBVA, Bankia, Grupo Cajamar and Liberbank.

The merger is expected to materialize in June and will integrate Divarian’s management and real estate management capabilities in Haya, including employees and other resources.

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