{"id":22787,"date":"2007-06-16T10:05:00","date_gmt":"2007-06-16T10:05:00","guid":{"rendered":"https:\/\/clusterfamilyoffice.com\/blog\/?p=598"},"modified":"2007-06-16T10:05:00","modified_gmt":"2007-06-16T10:05:00","slug":"bsch-y-bbva-o-la-logica-aplastante-de-los-grandes-las-ventas-inmobiliarias-mayores-de-la-historia-de-espana","status":"publish","type":"post","link":"https:\/\/clusterfamilyoffice.com\/en\/bsch-y-bbva-o-la-logica-aplastante-de-los-grandes-las-ventas-inmobiliarias-mayores-de-la-historia-de-espana\/","title":{"rendered":"BSCH and BBVA, or the overwhelming logic of the big players. The largest property sales in Spain\u2019s history."},"content":{"rendered":"
\"\"<\/a>The two giants of the Spanish banking sector BBVA<\/span> y BSCH<\/span> have announced their decision to sell off almost all their property assets over the coming months. Of course, they have dressed up this strategy to make it politically correct. On the one hand, the BBVA<\/span> refers to the centralisation of resources on a dedicated campus or business park; and another BSCH<\/span> is selling off assets to fund the acquisition of 27.9% of ABN<\/span> Amro<\/span>. This correction<\/span> Politics attempts to justify to the public strategic decisions that are plain to see \u2013 at least to us. BBVA<\/span> It is centralising its facilities in a business park that will be entirely versatile; in other words, unlike the situation in Boadilla del Monte, it will be possible to market and to become profitable<\/span> to let or sale<\/span> to any interested prospective buyer. That is why there is talk of an \u00abopen-plan\u00bb layout with horizontal buildings featuring independent units that are easy to sell on a retail basis. For its part, BSCH<\/span> \u00abneeds\u00bb to raise around \u20ac19,000 million to acquire its stake in ABN<\/span>, although it has in fact been recognised in petit<\/span> committee<\/span> that this large-scale property sale will go ahead regardless of whether the acquisition of ABN<\/span> goes ahead as planned or is called off for whatever reason. Clearly, the acquisition of the Dutch group could bring its share of properties into the group, but the reality is that the decision to sell the property portfolio of BSCH<\/span> goes beyond and within the scope of this operation.<\/div>\n
Realising gains from property capital appreciation, raising liquidity to optimise assets, balance sheets and lending capacity, restructuring<\/span> internal, centralisation of resources, etc\u2026 All these arguments and phrases media-related<\/span> are nothing more than \"\"<\/a>a smokescreen for the reallocation of assets within the banking giants. Other major players such as Telef\u00f3nica are also jumping on the bandwagon, the last one being the fool. The investment<\/span> The property market is no longer just a business, and large companies are making major decisions that they conveniently gloss over, but the essence of it all strikes us as very Clarita<\/span>: A 180-degree shift in investment strategy. Furthermore, we find that obvious<\/span>, the cycle has not only come to an end but has been milked to the full. The rental yields that these banks guarantee to potential buyers of their properties are nothing more and nothing less than market rates. And although most property owners have become accustomed to achieving net returns of 2 or 3% of the property\u2019s value at the height of the property bubble, these figures are easily surpassed by any self-respecting banking operation. In other words, it is far more profitable for a bank to pay rents at this level and thus be able to to make profitable<\/span> It is better to invest their liquid assets in alternative banking operations. Furthermore, this change of course also avoids the risk of their property values falling in the near future. It is a time for cash, and we will not tire of repeating this for as long as we believe it to be the case.\"\"<\/a><\/div>\n

It\u2019s easy, logical and straightforward, but the resistance from the average investor is surprisingly fierce. The cycle of property capital gains is drawing to a close (with the exception of certain properties prime<\/a>), the equity market maliciously confirms this. Is there anyone who still has any doubts about the strategy to adopt with regard to property? Unfortunately, small, medium and even some large investors continue to cling to the notion that bricks and mortar will always be worth more, although the more \u00absavvy\u00bb ones \u2013 who seem to have short memories \u2013 are once again placing their trust in the stock market as a substitute for their property windfalls. But is there anyone else?<\/p>","protected":false},"excerpt":{"rendered":"

Los dos gigantes de la banca espa\u00f1ola BBVA y BSCH han hecho p\u00fablica su decisi\u00f3n de vender casi todo su patrimonio inmobiliario durante los pr\u00f3ximos meses. Por supuesto, esta estrategia la han vestido y maquillado para que sea pol\u00edticamente correcta. De un lado el BBVA habla de la centralizaci\u00f3n de recursos en un campus o […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-22787","post","type-post","status-publish","format-standard","hentry","category-sin-categorizar"],"_links":{"self":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/22787","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/comments?post=22787"}],"version-history":[{"count":0,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/22787\/revisions"}],"wp:attachment":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/media?parent=22787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/categories?post=22787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/tags?post=22787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}