Cerberus Capital Management acquired a majority interest in Grupo Inmoglaciar
Madrid, 15 December 2017 – The US investment fund, Cerberus Capital Management, LP and its subsidiaries (“Cerberus”) announced the acquisition of a majority interest in Grupo Inmoglaciar (“Inmoglaciar”), one of the country’s largest residential developers with a solid track record stretching back more than 35 years.
The alliance between Cerberus and Inmoglaciar’s founding partners, the Moreno family, will drive the future growth of the developer and improve its ability to finance operations, such as the acquisition of land for new residential developments.
With more than 2,000 homes under construction, of which 1,100 are expected to be delivered next year, Inmoglaciar is the fifth largest residential developer in the country and the first in Madrid by volume delivery of homes. In addition to making new acquisitions, the developer also plans to maintain its organic growth strategy thanks to a substantial portfolio of new projects and to preserve its management team and staff.
Lee Millstein, Global Head of Real Estate at Cerberus, said: “We firmly believe in the growth opportunities currently offered by the Spanish real estate market, where Cerberus has a solid track record of success. We are proud to partner with Inmoglaciar given their expertise, distinguished track record and solidity and their proven and capable management team.”
David Teitelbaum, head of European Advisory Offices at Cerberus, said: “Cerberus shows a firm commitment to long-term investment in Spain. Our alliance with Inmoglaciar and the investment in its future growth are another example of our confidence in the strength of Spain’s current economic recovery.”
Ignacio Moreno, CEO of Inmoglaciar, added: “For Inmoglaciar, this operation means a long-term financial consolidation with a great strategic partner. We are very excited about this new stage that we started together”.
About Cerberus Capital Management, LP
Established in 1992, Cerberus Capital Management, LP is one of the world’s leading private equity firms. Cerberus manages assets worth over billion, which it invests through three complementary strategies: venture capital, global credit opportunities (including NPLs, corporate and distressed debt, mortgage-backed securities and assets, and direct lending) and real estate assets. Through its headquarters in New York and its network of subsidiaries and advisory offices in the United States, Europe and Asia, Cerberus has the local presence necessary to invest in different asset classes on a global scale.