The main banks mentioned above destined 5.926 million Euros last year to bailout the companies that manage their property. The real estate sector has been acutely affected by the recession and the firms tied up with financial insititutions have not been an exception. Fortunately, they can count on banks´support (…). Most of the banks sold their branches to international funds, but still hold the assets.
BBVA´s contribution is the greatest one. At the end of 2013, the bank subscribed capital increase of 4.000 million Euros for Anida Grupo Inmobiliario holding and then transferred 4.000 million Euros to Anida Operaciones Singulares, its property managing company. With the money received Anida settles the debt it had at BBVA for the outstanding credits equal to the amount obtained.
The Negative Funds
By the injection BBVA removed the negative capital of Anida reaching 3.100 million Euros at the end of 2013, (…).
The law excludes the real estate companies from the general corporative obligations to cover the gap in its own capital so that they could avoid dessolution. Due to the real estate crisis the exception was being renewed every year to dogde the bankruptcy of practically all of the companies from this sector.
BBVA has not granted the control over its real estate property to any fund.
At the beginning of 2013 CaixaBank fueled its real estate company BuildingCenter with 1.250 millon Euros of capital, extending it to 2.000 millions, according to the mercantile registry data.
Last year CaixaBank conducted the inverse operation of ServiHabitat, owning all its property and which entered into a merger with Criteria Caixa Holding at the end of 2013. Before the fusion, in May, ServiHabitat reduced its capital by 2.072 millon Euros to 1.381 millions to absorb losses from previous excercises. CaixaBank hired the U.S. fund TGP to manage its property portfolio in ServiHabitat.
Banco Popular also supported its real estate subsidary Aliseda, not with money though. The entity conducted three transactions that aumented the capital by 577 millon Euros (total of 878 millons to cotrast with previous 302 millions) and involved property of other entities from the group (…). Popular bond itself with Värde Partners and Kennedy Wilson that manage its real estate assets.
At the moment Sabadell has not got any property manager. The bank created Solvia Activos in May last year and transferred assets worth 100 million Euros to it.
Santander in turn, associated with Apollo, began the year 2013 with his homework done as it injected 1.070 millon Euros into Altamira at the end of 2012 which deed allowed its capital expand to 1.200 million Euros.