The agreement covers 78,000 property assets with a gross book value of about €13 bn, plus the necessary assets and employees required to manage it. The business as a whole has been valued at about €5 bn.
US-based asset manager Cerberus has announced the acquisition of a majority stake in Spanish developer Inmoglaciar just three weeks after emerging as the buyer of the bulk of the residential-focused real estate assets held by Spanish banking group BBVA.
Inmoglaciar is one of Spain’s largest residential real estate developers with a track record spanning more than 35 years.
The firm, which was founded by the Moreno family, currently has over 2,000 homes under construction and 1,100 homes set for sale next year. The company focuses on the cities of Madrid, Barcelona, Zaragoza and Granada.
The deal, which will not result in any change in the company's current management team and workforce, is 'intended to drive Inmoglaciar’s future growth and enhance its ability to finance transactions, including the acquisition of land for new residential developments', the residential developer said.
Financial details were not disclosed.
'We firmly believe in the growth opportunities in the Spanish real estate market where Cerberus has a strong track record of success,' said Lee Millstein, global head of Real Estate for Cerberus. 'We are proud to partner with Inmoglaciar due to its proven expertise, growth potential, and experienced management team.'
David Teitelbaum, head of Cerberus’ European Advisory Offices, commented, 'Cerberus is committed to investing in Spain for the long-run. Partnering with Inmoglaciar and investing in its future growth is another example of our confidence in the strength of the ongoing economic recovery in Spain.'
Inmoglaciar’s CEO, Ignacio Moreno added: 'For Inmoglaciar, this transaction means securing our long-term financial position with a great strategic partner. We are delighted to be embarking on this new phase together with Cerberus.'
The deal comes hard on the heels of Cerberus' purchase in late November of an 80% stake in the residential-focused real estate assets held by Spanish banking group BBVA for about €4 bn.
