Santander has already launched its new real estate ‘servicer’. The entity chaired by Ana Botín has registered the company Yera Servicer Company 2021, which will take over the management of part of the assets from Aliseda, following the agreement reached between Blackstone and the Spanish entity. 

The creation of this company is part of Santander’s internal reorganisation of the entire real estate segment. First, two years ago, it created Deva Servicer, on which this company will depend. The name of Yera is not definitive, nor is its board of directors, which is chaired by Jaime Rodríguez Andrade, together with Carlos Manzano, Juan Babio and Jaime Guasch.

What is definitive is the executive who will lead the project, Enrique Arnoso, a former senior executive of Banco Popular and Pastor who has been in charge of the Aliseda account for the last three years. Arnoso will be in charge of managing assets valued at €5 billion together with the team of 130 professionals that Aliseda is transferring to Yera.

This is a key move in the sector. Santander had not had its own servicer since it sold Altamira to Apollo in 2014. The Spanish entity holds a 15% stake in this platform, now owned by DoValue. It also has a 15% stake in Aktua, the former servicer of Banesto, now owned by Intrum, and 49% of Aliseda, Popular’s platform, in which its partner is Blackstone.

The creation of Yera means Santander is once again investing in this segment, as it did with Deva Capital, a subsidiary that advises large opportunistic funds and buys portfolios of real estate and loans from other banks. Following this agreement, Aliseda continues to focus on the management of the Quasar Project -€30 billion in assets from Popular- and on services to third parties: it is bidding for the management of Sareb’s assets together with four other servicers.

Original Story: Cotizalia| J.Zuloaga and R.Ugalde 
Photo: Santander Facebook
Translation & Edition: Prime Yield