Large development companies begin 2011 with new targets after the last few years focus on solving their financial problems. The uncertainty hanging over the economy and the 'stock' that is left are the remaining challenges.
The real estate sector begins to see the tunnel exit. Metrovacesa well defined status after announcing the agreement with 90% of its creditors to refinance debt. After years of negotiation with financial institutions, real estate firms are facing a new stage.
After companies focus on solving the financial problems, now it's the turn of the operations. The new term has nothing to do with the expected recovery of the sector. The signals are still weak and timid spring, as the rise in new home sales up 1.8% in 2010 ending a long period of declining sales and purchases.
The situation is not the same for all. Those who accumulate a large inventory in your residential area and, above all, soil, should undertake greater efforts. More than 700,000 apartments still unsold and one million square feet of office yet available, makes the market recovery.
Among the business opportunities arise bank-developer partnership. After starring in fighting unfair competition and cross home sales by financial institutions are now starting to close deals. The formula allows banks and soil out of balance and promoters awarded, financially viable to continue working.
Martinsa Fadesa
The company, chaired by Fernando Martin has managed to overcome the bankruptcy proceedings, voluntarily requested in July 2008. After three years of tough negotiations with creditor banks, the developer has reached an agreement that allows out of court intervention.
The proposal, presented by four of the major creditors of the group
(Caja Madrid, Caixa Galicia, La Caixa and Banco Popular) poses a substantial removed and a lack of eight years (extendable two more). Of failing to comply with the schedule of payments, banks can exchange debt for equity in the company. In 2010, Martinsa lost 827.18 million euros.
Metrovacesa
The company, controlled by eight financial institutions, last week achieved the support of 90% of its creditor banks, such as advanced EXPANSION Thursday. The property, for which negotiations have lasted more than two years, refinancing has been 5.725 million euros.
The agreement provides for a deferral of five years of primary credit of 3,210 million euros, without removing the debt to creditors. Among those responsible for the liabilities are more than 40 financial institutions, including several shareholders company. In these two years, Metrovacesa has reduced its corporate structure and sold most of its asset portfolio and its car division.
Colonial
With a debt of more than 7,000 million euros and a new management team, the Catalan property claims to have passed the stage of financial restructuring to focus on the patrimonial own business activity. Colonial last year agreed with its creditor banks to swap debt for equity, a process that was conducted through a capital increase.
Closed financial restructuring, Colonial Realia carried out with an exchange between its French divisions. So, SFL, Colonial, won 30% of Sicc, Paris, owned by Realia. It is precisely the strength of market equity (office) in, especially Paris, the best support for Colonial, which expects that these recurring revenues allowed to return to profit in the coming quarters. In 2010, it lost 739 million.
Reyal Urbis
The properties for Sale Rafael Santamaría has starred in a complex negotiation with its creditor banks. Recognizing, in May 2009, which could not meet the agreed business plan in late 2008 as part of a refinancing agreement. launched a new real estate deal.
In this process, the company faced the bench when he refused to sell assets such as ABC Serrano shopping center in Madrid, or chain Rafael Hoteles. He finally managed to keep the agreement and, in exchange for the business park projects like the 115 American Avenue, and part of the management of complex Castellana 200, both in Madrid.
Realia
The estate, owned by the builder FCC and Caja Madrid (now Bankia) is the only major publicly traded real estate that has managed to close the year 2010 in positive figures and earned a net profit 1.11 million euros.
The company, which maintains a similar sales figures: 258.27 million euros this year compared with 298.54 million last year. The company led by Ignacio Bayon was among the first developers who decided to restart new building. In particular, Realia has initiated projects in Valencia Fuenlabrada, Sevilla, Valladolid, with 400 units.
Quabit and its parent Rayet
arises from the integration of real estate Rayet, Landscape and Astroc, Quabit (formerly known as claims) has undertaken two processes refinance in just a year and a half. The real estate in 2009 struck a deal to refinance a debt of 1,481 million euros, which allows you to pay no principal or interest on its debt until 2012, when beginning to write off 10% of capital and interest.
The agreements with creditor banks have not done here and the matrix, Rayet, also accumulated two refinancings. The latter has enabled the company to reduce its debt by 200 million euros 436 million of liabilities that accumulate. To do this, Rayet undertook to divest a number of real estate assets, such com EXPANSION ahead on 29 January.
addition, banks would be allocated 200 million euros in buildings and grounds. Among the assets sold, highlights Selenza hotel chain in Madrid, the Catalan businessman acquired Pau Guardans. For its part, Quabit focuses on the implementation of initiatives original enabling them to reduce their 'stock' residential through discounts and credit facilities to customers.
Nozar
Nozar, real estate Nozaleda family, could be the next Martinsa Fadesa. If your competitor managed to overcome the biggest bankruptcy in Spain, Nozar fight for viability. They showed the receivers in its report last December, which put the liability on 1.563 million (up from 700 million claimed Nozar to apply on a voluntary basis), with assets 943 million.
are two requirements to accelerate the exit of the tunnel Nozar: the minimization of the duration of the common phase (which ends after the submission of claims to the report) and the interest of creditors to reach agreement as soon as possible.
This possibility is linked to a major sacrifice: one removes very significant (about 50% maximum permitted by law) and, taking into account the situation of the sector, with a term exceeding five years . A scenario that raised the insolvency administrators in his report. In November 2008, the supplier Avalatransa urged creditors necessary for competition and its subsidiary Lena Nozar Building for a debt of 312,622 euros, which was first denied. Subsequently, Nozar requested on a voluntary basis, but the request Avalatransa prevailed.
R. Ruiz / Y. White 0 - Via Expansion
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