Partnership with Cerberus will accelerate Inmoglaciar’s growth strategy in Spanish residential real estate development
Ignacio Moreno will continue to lead Inmoglaciar’s management team
MADRID, December 15, 2017 — Cerberus Capital Management, L.P. and its affiliates (“Cerberus”), a global leader in alternative investing, announced today that it has acquired a majority interest in Grupo Inmoglaciar (“Inmoglaciar”), one of Spain’s most robust residential real estate developers with a track record spanning more than 35 years.
The partnership between Cerberus and Inmoglaciar’s founding partners, the Moreno family, is intended to drive Inmoglaciar’s future growth and enhance its ability to finance transactions, including the acquisition of land for new residential developments.
With more than 2,000 homes under construction and 1,100 homes set for sale next year, Inmoglaciar is already Spain’s fifth largest real estate developer and the top player in the Madrid market by number of residential units ready to deliver. In addition to new acquisitions, Inmoglaciar also plans to continue delivering on its organic growth strategy due to a robust pipeline of new projects and will maintain its current management team and workforce.
Lee Millstein, Global Head of Real Estate for Cerberus, said, “We firmly believe in the growth opportunities in the Spanish real estate market where Cerberus has a strong track record of success. We are proud to partner with Inmoglaciar due to its proven expertise, growth potential, and experienced management team.”
David Teitelbaum, Head of Cerberus’ European Advisory Offices, commented, “Cerberus is committed to investing in Spain for the long-run. Partnering with Inmoglaciar and investing in its future growth is another example of our confidence in the strength of the ongoing economic recovery in Spain.”
Inmoglaciar’s CEO, Ignacio Moreno added: “For Inmoglaciar, this transaction means securing our long-term financial position with a great strategic partner. We are delighted to be embarking on this new phase together with Cerberus.”
Grupo Inmoglaciar is a real estate developer with over 35 years’ experience in the development, management and sale of homes in Madrid, Barcelona, Zaragoza and Granada. Inmoglaciar also undertakes cooperative and asset management activities, as well as handling the subsequent after-sales services, providing its clients with an end-to-end management solution.
About Cerberus Capital Management, L.P.
Established in 1992, Cerberus Capital Management, L.P. is a global leader in alternative investing with more than US $30 billion under management across complementary credit, private equity, and real estate strategies. From its headquarters in New York City and network of affiliate and advisory offices in the U.S., Europe, and Asia, Cerberus has the on-the-ground presence to invest in multiple asset classes globally.
Alejandra Moore Mayorga / Raquel Gutiérrez
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