Haya Real Estate, one of Spain’s market leader in the management of real estate debt and Real Estate Owned (REO) assets, has been selected as the first servicer to support SAREB on the implementation of its new business model under Sareb’s recently announced new Strategic Plan. 

In this context, Haya and Sareb have signed a new servicing agreement to service a portfolio of loans and Real Estate Owned assets amounting to €15 billion assets under management (at Gross Book Value, or GBV) through mid-2022. Haya has been awarded the totality of the auctioned perimeter in a highly competitive tender process. The contract involves no upfront consideration and thus conditions will be those standard in the market for an agreement of this type.

Haya will continue working with Sareb under its existing contract until December 31, 2019 and will support Sareb on the progressive transition to the new business model under a new contract that will be effective from January 1st, 2020. Under this new servicing model, Haya will lead overall commercialization activities and will leverage its in depth understanding of local real estate markets to support Sareb’s new regional strategy. Sareb will assume the direct management of certain positions and will seek to assume certain non-commercial functions as previously anticipated.

Carlos Abad, CEO stated: «We are very proud of having been selected as the first servicer to support SAREB on the implementation of its new business model. We will continue working with the outmost rigor and commitment to help our client reach its business objectives.»

Original Story: Idealista| Redacción
Photo: Haya Real Estate Site
Edition: Prime Yield