TPG buys Servihabitat from La Caixa

The transaction is reported to value Servihabitat, the real estate services arm of La Caixa, at €370m.

The buyer was reported to be among the frontrunners for the asset in July, alongside Bridgepoint. At the time, the vendors expected to raise €200m for the stake, reports suggested.

Morgan Stanley is understood to have run the sales process.

Servihabitat is the largest rental company in Spain by contracts. Net assets in its portfolio amounted to €7.15m in 2012, with more than 27,000 homes sold last year.

The company divides its business activities into several stages in the property cycle beginning with administration, management and marketing of properties owned by the group or third parties. It also focuses on the purchasing, holding and disposal of property assets.

The company was founded more than 20 years ago and is based in Barcelona.

TPG declined to comment. 

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• Topics
• Southern Europe
• Real estate
• Buyouts
• Spain