Canada’s pension fund, doBank and Haya competing for Altamira

The servicer industry, of assets from the bank is reaching the boiling point. The last market process that’s attracting the larges funds and sector operators in the industry is Altamira, the firm controlled by Apollo, that owns 85% of the company, while Santander holds 15%. The first one to bid hard was its competitor Haya Real Estate (owned by Cerberus), as the Spanish newspaper Cinco Días published last November 8th. To this bid, we have to add now.CPPIB’s, the Canadian pension fund, one of the largest investors in the world

Among those interested by Altamira Asset Management, according to financial sources, is also the Italian doBank, former UniCredit Credit Management. This listed entity is controlled by Fortress. It’s the largest manager of distressed debt in Italy. On their end, the Canada Pension Plan Investment Board (CPPIB), is a fund that manages 20 million Canadians’ pensions, with assets over 245,700 million.

Altamira was created by Santander as servicer for its toxic assets tied to real estate. In 2013, the bank sold 85% to the US fund for something short of 700 million. Five years later, the New-York Based fund, that never featured large purchases in bank portfolios, has decided to drop the company. The amount of the operation, a sale process handed to Goldman Sachs, estimated to be over 600 million.

Altamira has turned into one of the large real estate and financial assets manager in Spain, with a total asset volume under management of 53.8 billion, against the 26 billion at the end of 2014, and 82,000 properties from about 15 clients.

In the last few months, there was a large shares movement in those servicers, strongly tied to the sale of banking portfolios. If Cerberus, via Haya, gets Altamira, will be the third to control, after Haya and Diviarian (former Aliseda, tied to BBVA). The idea of the fund it to embed it in Haya to relaunch its entry to the stock market. Blackstone controls Aliseda (formerly owned by Popular) and Anticipa. Lone Star purchased this summer Servihabitat (formerly owned by Caixa), and Sabadell has put Solvia on sale, a servicer Cerberus is interested in.

Source: Cinco Días.

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