TPG Special Situations Partners is partnering with Spain-based CaixaBank in Servihabitat Gestion Inmobiliaria, a real estate services company. TPG Special Situations will own 51 percent of Servihabitat, valued at EURO 310 million, and CaixaBank will hold 49 percent.
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 Servihabitat Gestion 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 Commission.
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 and restructurings.
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.