Haya Real Estate (“Haya”), the Spanish market leader in the management of real estate debt and property assets reached €45.3 billion in Assets under Management (AuMs) at the end of the first half of the year, which represents a 14% increase versus December 2018.
Operating results (adjusted EBITDA) for H1 2019 amounted to €36.4 million (LTM €104.1 million). Including a large portfolio sale of over €1 billion by one of its core clients, completed in July, the adjusted EBITDA for H1 2019 would have been €55 million (LTM €123 million).
The Company has been working on a cost reduction plan since the beginning of 2019 aimed at optimizing its cost structure and creating a sustainable and more efficient business model for the future.
During the first half of 2019, Haya also reported a strong Free Cash Flow of €38.6 million (€120.4 million on an LTM basis), representing a cash conversion above 100% in the period due to the improvement in working capital coming from strong collections in the period. The corporate net debt at the end of June’19 was €427 million, with a proforma net leverage ratio of 3.3x including the large portfolio sold by one of its core clients.
The company’s transaction volumes were €1.7 billion in H1 2019, driving total revenues to €118.6 million (LTM €262.2 million) impacted by lower volume fees due to lower activity in REDs and REOs, partially offset by an increase in management fees and other revenues as a result of the contribution from new contracts (Divarian, BBVA and Apple), and other existing contracts, as well as from the good performance of the Advisory division. Including the portfolio sale contribution, transaction volumes would have been above €2.8 billion in the period (+20% YoY).
Original Story: Haya Real Estate | Press
Photo: HAYA REAL ESTATE SITE
Edition: Prime Yield