Cimenta2, the real estate asset management division of Spain’s Cajamar banking group, has been sold to Haya Real Estate, owned by US fund Cerberus Capital Management, for 225 million Euros, according to company filings with Spain’s stock market regulator.

Just yesterday we reported that competition to buy Cajamar’s property unit Cimenta2 was heating up thanks to interest from US funds like Cerberus and Apollo. The deal has now been done.

Under the terms of the deal, Haya Real Estate will manage and sell Cajamar’s real estate assets for the next 10 years, though Cajamar’s 7.3 billion Euros of real estate assets and property-backed loans will remain on the bank’s books. An additional 20 million Euro performance-based fee can be earned if Haya Real Estate hits agreed targets, according to press reports.

Haya Real Estate is a real estate asset management fund set up by Cerberus Capital Management to take advantage of the Spanish property crash as the crisis shows the first signs of abating. Haya Real Estate recently did a similar deal reportedly worth between 40 and 90 million Euros with Bankia, a nationalised banking group.

Cajamar said Haya Real Estate was a good choice because of its experience managing property assets, and “strategic synergies”, according to Antonio de Parellada, a Cajamar director, quoted in the Spanish press.

Also quoted, Francisco Lamas, head of Hay Real Estate said “We’re delighted to incorporate the team of Cimenta2 in our business, to continue giving the best service to all our clients.”