Expand / The crisis has affected the property sector since 2007 has led to new alliances among major market players.
With the return of credit to the real estate sector, although still suffering restrictions, alliances have begun to occur among international funds who want to go beyond the tertiary and move their money into the segment of residential development, waiting for that economic and demand recovery, and promoters of life, which are those with the ‘know how’ residential consolidated.
The president of the employers of builders promoters of Spain (APCE), Juan Antonio Gomez-Pintado, admits that the information available on these alliances is vague because the sector remains “very transparent” and figures are scarce .
Data from the Ministry of Public Works indicate that the number of visas requested to build new homes soared 42.5% last year to add 49,695 certificates in November. However, the 2015 figure, despite being the best in the last five years, is still far from the maximum of 865,561 visas orders in 2006.
In the midst of this opacity, Gómez-Pintado explains it all starts when funds that manage “a lot of money and understaffed” decided to raise housing and “looking for a promoter who has deep knowledge of the area where you want to invest and have an advanced structure,” so that it can report weekly statement of accounts spending, the works and, above all, not to cast doubt on best practices and regulatory compliance.
Promoters medium and large So, Gómez-Pintado notes that are medium or large development companies that interest funds, while CEO Aelca Jose Juan Martin, states that also have at the point of promoters look with knowledge of micro-markets.
When putting an ongoing operation, funds prefer to invest in new promotions starting from scratch with your partner. Again, risk aversion is there, and prefer to go hand promoter from buying land.
“If you offer them yours operation, it will be the question of whether you want to do an operation you think you will not go well and you want to share risks, “adds Gómez-Pintado, to annotate that, ultimately, the usual practice is to” find a floor, show it to the bottom, see if you are interested, do studies preliminary and get going. ”
The CEO of financial consulting Irea, Mikel Echavarren explains that in matters in cases in which the promoter is responsible for building and marketing, often perceived around 3% or 4 % of sales.
In addition, you receive a percentage close to 3% of the construction cost while, depending on type of opportunity, an additional incentive to the promoter, is also set once the capital of the fund and investor reaches an internal rate of return after tax and financing default.
As for the locations, Echavarren points to destinations like Madrid, the Costa del Sol and Málaga city, Balearic Islands, Barcelona and surroundings, and the Mediterranean Coast, as the most attractive for such partnerships .
“great opportunity” the sources agree that these alliances are a good opportunity for developers, especially for those who downsized during the crisis and want it back.
Therefore, the president of PACE believes that it is “a model that is here to stay”. “The funds have a horizon of 5 or 7 years that they have to recover the investment and if things flow normally will stay,” he adds.
According to Martin, “there is no continuous time relationships, but it is something that will go each day to more” because “the bank financing will continue to support, but there is an initial investment of projects that the bank never will “.
Going forward, the CEO of Aelca also believed to take place “lasting relationships” between developers and funds, but believes that only occur in the case of those promoters who have a vision of all or nearly all the domestic market.
To Echavarren, is a “great opportunity” for that promoter has not left damaged by the crisis to diversify their resources and enhance their capacities with a view to recompose part of its capital in a few years through participation in profits.
promoters team up with international funds for reinvigorating housing construction
Information Expansión
http://entornointeligente.com/articulo/8026826/Los-promotores-se-alian-con-fondos-internacionales-para-reimpulsar-la-construccion-de-viviendas-06032016
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