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Cerberus Prepares an ERE for its Spanish Property Developer in light of a Forecast Decrease in Sales

Inmoglaciar, the property developer controlled by the fund Cerberus, prepares to change its business model and to undertake a redundancy plan.

Residencial Mirador del Encinar Madrid Inmoglaciar

Inmoglaciar, the residential property developer controlled by the investment fund Cerberus, has decided to make important changes to its business model, with the aim of reducing costs and anticipating the situation that the Spanish residential market find itself in after the Covid-19 crisis.

These changes for Cerberus’s real estate company will include the outsourcing of services – it has already outsourced services in two of its branches: Galicia and Andalucía – and the launch of a redundancy plan (ERE), communicated to its employees on Thursday, according to Expansión. Currently, Inmoglaciar’s workforce comprises 122 employees.

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