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Bankia brings all its real estate assets under Haya Real Estate

Bankia has entrusted in a single company, Haya Real Estate, the management of all its real estate assets, including those originating from BMN.

Bankia Comunicación

By Bankia Comunicación

Publish on 
27 April 2018 - 18:30

  • In parallel, the entity has terminated the non-performing debt and real estate asset management contracts previously arranged by BMN
  • These transactions conclude the reorganisation of Bankia's real estate and non-performing debt management business in the wake of the merger with BMN
  • The agreement with Haya encompasses the existing stock of assets as well as the flow of any new assets Bankia forecloses
  • The scope of the agreement is currently €5.4 billion

Bankia has entrusted in a single company, Haya Real Estate, the management of all its real estate assets, including those originating from BMN.

To this end, the two companies today rolled over the real estate and real estate debt management and service provision agreements in place since September 2013.

In addition, the financial institution has terminated the non-performing debt and real estate asset management contracts originally entered into by BMN.

In the wake of these transactions, which have no effect on the group's financial statements, Bankia has completed the reorganisation of its property and non-performing debt management business, designed to boost efficiency in the wake of the merger with BMN.

The agreement with the real estate servicer encompasses the existing stock of assets as well as the flow of any new assets Bankia forecloses in the future. The scope of the agreement is currently €5.4 billion.

KPMG acted as legal and financial advisor to Bankia on these transactions.

Haya Real Estate

Haya Real Estate, the real estate asset and debt management firm belonging to the Cerberus group, services real estate assets end to end, from origination of the debts to the sale of the properties. It manages the largest portfolio of real estate debts (REDs) in all of Spain and sells over 15,000 properties a year through its dedicated portal, www.haya.es, and a nationwide sales network.

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