Spanish bad bank Sareb has picked Haya Real Estate to manage €8.4 bn of property assets and property-backed loans over the next 30 months, until mid 2022.
The portfolio, which represents a portion of Sareb's total property assets, is the first contract signed by Sareb under a new asset management strategy.
Haya won the management contract following a competitive process known as Sparta. The company already managed the assets in the past, but the contract is to expire at year-end 2019.
In the future, Sareb said that it plans to outsource asset management for its entire real estate portfolio.
Haya is a Spanish servicer owned by US group Cerberus. The company is believed to be currently on sale with discussions ongoing between its owner and Centricus for a price said to be around €700 mln. Last year Cerberus aborted plans to list the Spanish arm as a result of difficult market conditions.