Month: September 2013

Santander negotiates the sale of Altamira with ten international funds.

“You establish the price. Tell us how much”. This slogan, used in Altamira´s last campaign, fits perfectly with the sale process started by the institution presided over by Emilio Botín in order to transfer this subsidiary. This disinvestment is now the operation of the year among international funds, which see Altamira as the biggest real estate platform to grow in the Spanish market.

Nearly ten foreign investors have shown their interest in Santander´s real estate company and could present in the next few days their non-binding offer for the Bison Project, as the operation has been officially named.

The sale includes the real estate management platform of Santander, with its 250-300 workers, and an exclusive agreement for the sale of properties for around ten years. The fund which acquires Altamira will manage and sell the properties awarded by Santander – the webpage includes around 15.000- and the failed real estate credits. Initially there have been talks of including the transfer of some portfolios of awarded assets, but this option has been finally discarded.

The Bison Project will not only mean that the winner will become the manager of the properties of the biggest Spanish financial group, it will also be the entrance key to manage the assets of the bad bank in the future. Santander is the biggest private shareholder of this company, only behind the Restructuring Fund, with 17% of the capital.

This expectancy has been a decoy for funds such as Cerberus, which already has a real estate company in Spain: Bankia Habitat, acquired in September for 90 million Euros. Altamira would provide this investor the leadership in the Spanish real estate sector and it would allow it to enter the management of Sareb. This fund already acquired 350 million Euros in mortgages from the bank presided over by Botín last year.

Centerbridge also has experience in closing agreements with Santander. It acquired Aktua, the recovery management company of Banesto, in 2012.

For the fund Apollo, this operation would mean completing the recent acquisition of Evo Banco with a real estate platform. This management company has the intention of investing up to 1.000 million Euros in Spain in the next few years.

Meanwhile, for Lone Star it would mean the first great operation in Spain after losing the first sale of Sareb, the Operation Bull, at the very last moment. This fund acquired 140 million Euros in credits from Santander in the same operation as Cerberus.

There are other funds specialized in real estate operations which cannot be discarded, such as TPG, which has acquired Servihabitat, from CaixaBank, for up to 189 million Euros; Kennedy Wilson and Värde Partners, which has acquired the real estate company of Catalunya Banc; and Fortress, which has recently acquired Lico.

Morgan Stanley, who tried to acquire a portfolio of real estate assets from Santander valued at 3.000 million Euros in the Operation Scuderia, is also present in the pools. The differences in prices and the reservations from the Bank of Spain blocked the sale.

Since then the restructuring driven by Economy in 2012 has allowed banks and foreign funds to get closer. The Spanish institutions are opting for transferring their real estate platforms first, as a first step to sell great packages of homes.

At the same time, the institutions have accelerated the sale of properties through their commercial network. Santander transferred 33.500 properties last year and has sold another 4.500 in the first quarter of 2013. The institution has a target of closing the year with 20.000 properties sold. Thanks to these operations, the net exposure of the bank to the construction sector has decreased down to 11.600 million Euros, from the 24.900 million Euros at the end of 2011.

The Euribor will rise in September while mortgages fall.

According to the data of the market gathered by EFE, the average monthly rate of this indicator is higher than the 0,542% of August, but is lower than the 0,740% reached in September 2012, which will determine the reduction of the installments of these credits.

So that, once the Bank of Spain confirms the Euribor of September, an average mortgage of around 150.000 Euros with a period of 25 years will experience a reduction of 13 Euros per month or 156 per year.

In the case of a mortgage of 300.000 Euros, also with a period of 25 years, the monthly savings will reach 26 Euros or 312 per year.

However, the reduction of the indicator does not always mean a reduction of the mortgages, as some of them are bound by the so called “minimum level clauses”, which establish minimum interest rates that prevent them from benefitting from any reductions in the rate. (…)

I politely rejected this explanation

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CaixaBank earns 255 million Euros by selling its 51% of Servihabitat to TPG.

Carom shot with multimillionaire earnings in Group La Caixa. The savings bank announced yesterday the sale of 51% of Servihabitat Gestión Inmobiliaria to the U.S. group TPG, who will pay up to 189 million Euros for the participation. The 100% of the managing company has been valued at 310 million Euros, although this figure can vary between 250 and 370 million Euros depending on the results obtained between 2014 and 2017.

As published by Expansión on the 7th September, La Caixa, advised by Morgan Stanley, decided to sell its 51% of its real estate managing company to TPG, after discarding the offer it had received from the fund Bridgepoint. However, the savings bank presided over by Isidro Fainé has decided to sell first the 100% of Servihabitat Gestión to CaixaBank for 98 million Euros. Citi and Rothschild have taken part in the setting of this price.

As a consequence, it is the bank and not the savings bank who has signed the sale of the 51% to TPG, with an estimated gross gain of 255 million Euros, as informed by the institution to the National Share Market Association.

The gains for La Caixa are much greater and reach 317 million Euros. The profit obtained by the institution for the sale of Servihabitat Gestión to Caixabank and the proportional part it has obtained from the gain achieved by the bank is included in this figure.

But why has La Caixa decided to sell Servihabitat Gestión to CaixaBank previously? The response lies in the fact that this company manages the assets of Building Center, the real estate company of CaixaBank. “The source of the main economic value of the management of real estate assets business is located in CaixaBank”, the institution stressed yesterday. In this sense, the bank will transfer to the subsidiary now controlled by TPG the exclusive commercialization of all its properties for a period of ten years. “There was a risk of CaixaBank transferring the sale of its assets to another institution if the bank was not directly involved in the operation”, the consulted sources point out.

Servihabitat Gestión is a demerger of Servihabitat XX!, the real estate company owned by la Caixa where the institution located all its properties awarded before February 2011. Two and a half years later, there are less and less properties in this company, while the number of assets in BuildingCenter is increasing tremendously after its integration in Civica.

The company of real estate services now in the hands of TPG and CaixaBank manages assets for a gross value of 22.000 million Euros, although they do not own them. The company has a staff of 250 workers and plans to invoice one hundred million Euros per year thanks to the commission of the sales and rentals of the properties, estimated in 3.000 million Euros per year.

Advised by Clifford Chance, the group TPG has carried out the purchase through TPG Special Situation Partners (TSSP), which has 55.300 million dollars in assets under management.

Fortress acquires Lico, the ruinous company from the savings Banks, for 200 million Euros.

Fortress, one of the opportunistic funds which has hunted more preys in Spain, has closed the acquisition of Lico Corporación, the group of financial services owned by the savings banks. The operation has been closed for an operation slightly below 200 million Euros after the approval of the general shareholder´s meeting, in spite of the reservations of some partners.

As confirmed by sources close to the transaction, the shareholders of Lico Corporación approved last Wednesday the transfer of all their assets and liabilities to Fortress, which had been negotiating the acquisition since the spring. This fund has won the bid over Pepper Investment Management, another fund of Australian origin managed in Spain by Enrique Marín (ex-Lehman Brothers) and who had presented an offer of collaboration with Goldman Sachs.

As advanced by El Confidencial at the beginning of June, BBVA and Sabadell, who had become shareholders of Lico Corporación by accident after acquiring Unimm and CAM, obliged the savings banks who historically had been in the capital to sell the firm. The losses of the last years – more than 80 million Euros – had forced them to contribute with fresh funds in order to avoid a patrimonial imbalance.

In view of the pressure of Francisco González and Josep Oliu, presidents of BBVA and Banco Sabadell, respectively, the rest of shareholders – Liberbank, Caja España, Banco Mare Nostrum, Unicaja, Novagalicia, Kutxa, Mapfre, Bankia, Caja 3, Catalunya Banc and Ibercaja and the Spanish Confederation of Savings Banks- decided to empower Société Générale to look for a buyer.

The decision to sell Grupo Lico was taken only five months after the dismissal program carried out by Lico Leasing, one of the biggest subsidiaries of the holding, which affected 43% of the staff made of slightly more than 200 employees. This downsizing meant a cost of six million Euros in compensations, a sharp adjustment through which all partners of the Spanish Confederation of Savings Banks, the main shareholders, wanted to adapt “its production capacity to the current scenario of economic activity.”

Fortress will do it now, as with this acquisition it assumes a platform that will manage the 3.000 million Euros in financial assets it has been acquiring in the last few years. One of the more important operations was the agreement with the Banco Santander to assume a portfolio of default personal credits of 1.100 million Euros. A transaction for which it paid 55 million Euros, as it acquired it with a discount of 95% on its value in books.

Lico Corporation, with assets of 745 million Euros, is the mother company of Grupo Lico, which was founded in 1988, twenty-five years ago. The holding is made of 21 companies that operate in the businesses of leasing, factoring, confirming, renting, corporate financing, collection of payments, valuation of portfolios, mediation in private insurances and real estate investment. However, the origin of the institution goes back to 1966, when Mapfre created Leasing International Company, a company which was entered by the savings banks in 1977.

The arrival of Fortress means some fresh air for Lico Corporación, whose accounts had already arisen some suspicions in the auditors. Deloitte warned in its last report against some “existing uncertainties on the capacity of the group to continue its operations”. Some of the factors of this doubt were the continuous fall of the volumes of new financing awarded by its depending institution Lico Leasing, as well as the amount of very significant losses; the great cash and credit restriction problems in the whole banking system.

An environment that made it difficult to “renovate the credit lines, so that at the end of the year nearly all the financing of the Group was the one agreed with its shareholders.”(…)

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Spain, the third most attractive real estate market in Europe for funds.

Spain is again an attractive real estate market for international investors. In fact, it is the third favorite destination to invest in Europe, according to a survey carried out in London by the real estate consulting company Knight Frank to 200 European investment funds.

The opinion of the respondents has changed dramatically from 2012 to 2013. If in 2012 Spain was the sixth preferred market, with only 2,3% of the votes, now it is the most attractive country for 11,6% of the polled funds, only behind the United Kingdom (39,4%) and Germany (23,2%), who continue being up in the ranking. “Spain is again an important target market”, the consulting company declares in its report.

Humphrey White, managing director of Knight Frank, assures that “the survey, carried out to the 200 most important investors, shows that the increase of interest towards Spain has been prominent as 11,60% of them declares that our country is their main investment objective. Part of the success is due to the fact that Spain has been the country to carry out the biggest correction in prices in the European Union, with average reductions of 65%.

The funds, mainly the vulture ones, have returned to invest in the Spanish real estate, attracted by the big discounts which assure a high profit on the short term. “The foreign investment funds are ready to take action, as they have more cash”, Julio Rodríguez, former president of the Banco Hipotecario, points out.

On the other hand, France and Benelux increased their share in the survey of Knight Frank, up to the 5,8%, as well as the Nordic countries (5,8%) and above Poland (the preferred country for 4,8% of the funds).

“The feeling of the market has improved significantly in reference to 2012 and 2011. The majority (92,7%) think that the investment demand in 2014 will be greater than in 2013”, the report declares.

As for the most attractive real estate subsectors, the office market is now the most appealing for 37%. Trade premises, traditionally the preferred product for investors, shifts to the second place, with 27% of the votes, due to “a context of high unemployment and a continuous weakness in the trust of consumers”. Distribution (20%), the residential market (with 14,5% opposite to the 11,4% of 2012) and hotels (2%) follow.

To the question “when will the debt market in the real estate sector normalize?”, most of the investors think that this return to normality will take place in 2016 (37%) or later (34%).(…)

Foreign funds aim to buy Spanish property managers before market awakens.

Foreign investors are preparing bids for the property management units of several Spanish banks, hoping to break decisively into a real estate market that has brought few bargain housing deals for funds even after five years of a price slump.

U.S. investment firms Cerberus Capital Management CBS.UL, Centerbridge Partners and Lone Star are among those preparing to join a preliminary round of bidding for Santander’s SAN.MC Altamira Real Estate, two sources familiar with the matter said.

The Altamira deal, which would give the successful bidder a team of managers and a contract to handle Santander’s property sales but would not include real estate assets on the bank’s books, is the latest of several similar moves by rivals.

Most Spanish banks are contracting out the units, or selling them, to raise cash without parting with foreclosed housing that they own, which foreign investors want to buy but only at very low prices.

The first bids for Altamira are due on Thursday, the two sources said. Lone Star declined to comment. Cerberus and Centerbridge did not respond to requests for comment.

Spanish lenders were hit hard by a real estate boom which turned to bust in 2008, landing the banks with soured loans to developers and forcing them to foreclose on properties.

The banks were told by the government to make steep writedowns on property exposures last year, leaving some short of capital and forcing Spain to request a 41 billion euro ($55 billion) bailout from Europe for the weakest lenders.

The writedowns had sparked hopes among international investors that banks would start offloading big bundles of properties, unfreezing Spain’s real estate market, but few deals have come yet through.

“Ask and offer prices (for property portfolios) are much closer now, …. but at the very, very cheap levels funds are interested in banks still think “I can’t, it’s a loss’,” said Manuel Anguita of Aguila Capital, which brokers deals between banks and investors.

The interest shown by foreign investors was welcomed in the Spanish real estate sector as a sign of serious commitment.

“These types of deals are a very good sign – no-one buys a platform to stay in a country for a year,” said Fernando Acuna of property management firm Taurus Iberica.

“These will give the funds a deep knowledge of what is going on…and allow them to manage other assets they might buy which don’t belong to the bank.”

PROJECT BISON

Several banks have relinquished their property management operations in recent weeks, which will let them refocus on their core business.

Cerberus picked up the contract to manage properties and developer loans for state-rescued Bankia BKIA.MC, paying between 40 million and 90 million euros to run the property business over 10 years.

The Altamira deal – dubbed ‘project bison’ by bankers after prehistoric paintings at the Altamira caves near Santander – could be worth more, one source said.

Santander declined to comment.

Mid-sized lender Sabadell SABE.MC could look to sell its real estate arm Solvia in the coming months, according to two other sources familiar with that deal.

Sabadell said there was no existing mandate to sell the unit but it did not rule out studying it in future.

International investors want to buy the businesses to reap commissions from sales and gain platforms with which to manage other assets they might pick up in Spain, bankers and real estate experts said.

Real estate prices appear closer to hitting the bottom, Acuna at Taurus Iberica said, after a slump of some 40 percent in five years. That could help funds finally buy more portfolios as buyers and sellers get a clearer idea of price prospects.

A ‘bad bank’ created to manage real estate assets of rescued lenders is also stepping up sales of bundles of properties.

“Ultimately these (property management) platforms will probably be brought together and we’ll end up with three dominating this market in a few years,” said one Madrid-based investment banker.

I won’t even go into what the rest of the CDs hold in store

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Moody´s warns about the mortgage default.

The default on mortgages and on loans to companies not related to the construction sector registered a “high increase” in June that threatens the earnings of Spanish banks, as well as their capacity to comply with the capital requirements, as warned by the rating agency Moody´s.

“The figures show an accelerated erosion of the earnings of banks and of their capacity of complying with the capital´s requirements, which is negative for the credit from bondholders of Spanish banks”, the agency points out.

In this sense, it hopes that the figures of default from Spanish banks will continue increasing as a consequence of the persistent weakness of the economy of the country.