MADRID, June 11 (Reuters) - Spain’s Haya Real Estate, which is owned by U.S. investment firm Cerberus Capital Management, has bought the property management unit of cooperative banking group Cajamar for 225 million euros ($306 million), the companies said on Wednesday.
One of the Spanish lenders undergoing Europe-wide health checks and due to come under European Central Bank supervision by year end, Cajamar will make capital gains of about that amount from the sale.
The unit manages property loans and sells houses accumulated on its balance sheet through a six-year-long real estate market slump.
Those homes will still sit on Cajamar’s books, but Haya will manage Cajamar’s 7.3 billion euros of real estate loans and housing for 10 years.
The deal could be worth an additional 20 million euros, the companies said, depending on future performance fees.
Spanish banks have been selling off property-related businesses to refocus on lending.
Haya bought a similar property manager from bailed-out lender Bankia and Apollo Global Management - last year bought a majority stake in Santander’s property manager.
$1 = 0.7345 Euros Reporting by Sarah White; editing by Jason Neely