The Anida Group concentrates, mainly, the portfolio of properties. In order to manage all risks linked to this sector, the bank created at the end of 2011 the division BBVA Real Estate. It includes, as well as the housing and land portfolios, all credits to developers and the shares in real estate companies.
Anida Real Estate Group (the bad bank of BBVA) and its sister company, Anida Operations, have had to carry out big provisions to cover the portfolio of properties absorbed within the two Royal Decree-Laws of the Government.
The pending resources needed to reach the required coverage have caused great losses at Anida, the above mentioned 1985 million Euros. These are really no red figures, most of these losses are journal entries that reflect the devaluation of properties and the effort made in provisions to cover it.
BBVA sold 12000 properties last year, with an average discount of 40%, as announced by the institution in the presentation of the annual results. The bank now has 41000 properties.
These negative results have caused the consumption of all its patrimony, so that now it has a negative balance of 857,96 million Euros. BBVA will now reestablish the patrimonial equilibrium of its sister company mainly through the capitalization of equity loans, according to sources close to the group.
BBVA has closed the year 2012 with a real estate exposure of 27417 million Euros in Spain, with credits and allocated properties. This risk is provisioned with 11828 million Euros, which is a coverage of 43%. The exposure has increased by 8,42% in reference to 2011. Part of this increase is a consequence of the acquisition of Unnim, in March 2012.
At the end of 2012, BBVA swelled its group of participated companies with 47 real estate companies from Caixa Sabadell, Caixa Terrassa and Caixa Manlleu, all founders of Unnim. In most cases, the bank controls 100% of these companies, although there are some with other shareholders. One of the biggest ones is Promotora del Vallés, the previous real estate company of Caixa Sabadell.