TPG Special Situations Partners and CaixaBank Partner in Leading Real Estate
Partnership between TSSP and CaixaBank positions Servihabitat to thrive in
growing real estate servicing market
SAN FRANCISCO & BARCELONA -- September 26, 2013
TPG Special Situations Partners (“TSSP”), the dedicated special situations
platform of global investor TPG, and CaixaBank, Spain’s leading bank by market
share and part of “la Caixa” Group, have announced their partnership in
ServihabitatGestion Inmobiliaria (“Servihabitat”), the real estate services
company of “la Caixa” Group. TSSP will own 51% of Servihabitat, valued
initially at 310 million euro, while CaixaBank will hold a 49% ownership
stake. The final acquisition price will be set according to the performance of
the business over a four year period.
In Servihabitat TSSP and CaixaBank will acquire a real estate services company
with a ten year exclusive arrangement under which “la Caixa” Group will become
the platform’s largest customer and will leverage Servihabitat’s servicing
expertise. TSSP and CaixaBank are investing in Servihabitat to grow the
business by expanding the company’s share of the growing real estate servicing
market and introducing new offerings.
Servihabitat, led by a best in class management team, currently manages over
22 billion euro of real estate assets and loans, making it one of the largest
independent servicers in the market. The company generates revenues of more
than 100 million euro per year and has one of the most powerful real estate
commercialization networks in the Spanish market with more than 2,000 brokers.
TSSP’s investment in Servihabitat represents a continuation of TSSP’s tactical
strategy in Europe, and specifically in Spain where it intends to have a
long-term presence across TSSP’s core investment strategies. The partnership
is well-positioned for the development of the nascent Spanish servicing
market. This investment will allow TSSP and CaixaBank to accelerate the growth
of a leading operator in Spain and provide insight into dynamics and future
opportunities in the Spanish real estate market.
The transaction is subject to final approval from the EU Competition
About TPG Special Situations Partners
TSSP, which encompasses the TPG Opportunities Partners and TPG Specialty
Lending platforms, is a $6 billion opportunistic special situations and credit
platform within TPG, a leading private investment firm founded in 1992 with
$55.3 billion of assets under management and offices in San Francisco, Austin,
Beijing, Chongqing, Fort Worth, Hong Kong, London, Luxembourg, Melbourne,
Moscow, Mumbai, New York, Paris, Sao Paulo, Shanghai, Singapore and Tokyo.
TSSP has extensive experience with highly complex, global public and private
investments executed through primary originations, secondary market purchases
CaixaBank is the Spanish banking sector’s largest institution, with 13.8
million customers, a branch network of more than 6,000 offices and business
volume of 526,552 million euros. Its financial operations date back more than
100 years. The entity, part of the “la Caixa” Group, places strong emphasis on
growth, both domestic and international, supported by proven experience in
banking sector investments and its characteristic prudence. The Group,
overseen by Chairman Isidro Fainé and CEO Juan María Nin and headquartered in
Barcelona (Spain), has consolidated its leading position in retail banking
thanks to its strong commercial operations, risk-appropriate management,
foresight and consistent innovation. CaixaBank supports its customers with
interests and trade relations outside of Spain, through strategic alliances
with international banking partners, operational branches, representation
offices and correspondent banks.
Christina Stenson – 415-671-7676
Beau Allen – 212-333-3810
Media Relations: +34 93 404 48 41
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