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2. presentación bnp paribas real estate

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Más información de la jornada sobre Inversión Inmobiliaria: http://www.rankia.com/blog/opiniones/1869865-jornada-inversion-inmobiliaria-espana-bnp-paribas-real-estate-uria-menendez

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2. presentación bnp paribas real estate

  1. 1. Sevilla, 26 de junio de 2013 Inversión en España 2013: año de oportunidades BNP Paribas Real Estate,
  2. 2. 2 Índice 1. Introducción Alejandro Ortola, Rankia Jesús Anaya, Director Territorio Andalucía de BNP Paribas Real Estate 2. ¿Estamos saliendo de la crisis? Manuel Alejandro Cardenete. Catedrático Economía Universidad de Loyola. Instituto Español Analistas Financieros 3. El momento oportuno para la inversión inmobiliaria en España Luís Martín, Presidente de BNP Paribas Real Estate 4. Retos y alternativas del mercado de inversión inmobiliaria en España Gonzalo Bueno, Director de Investment Management de BNP Paribas Real Estate 5. Novedades en régimen legal y fiscal de la actividad inmobiliaria José Maria Oliva y Luís Suárez Centi, Uría Menéndez 6. Coloquio 26 de junio de 2013
  3. 3. 33 Introducción Luis Martin BNP Paribas Real Estate 26 de junio de 2013
  4. 4. 4 Nuestra colección de guías “INVESTING IN…” Unas guías orientadas a inversores internacionales En inglés 7 Guías Paris Londres Luxemburgo Alemania Italia Dublín …y… 26 de junio de 2013
  5. 5. 5 Lanzamiento de “INVESTING IN SPAIN” 26 de junio de 2013
  6. 6. 6 BNP Paribas Real Estate Una multiespecialización que cubre todo el ciclo inmobiliario * 26 de junio de 2013
  7. 7. 7726 de junio de 2013 7 Clients environment SPV’s RE portfolios RE ASSET MANAGEMENT BANKS SAREB RE COMPANIES INVESTORS RE Assets RE Assets RE Assets Equity Commercialisation Management • Letting & Sales • Invest. Transact. External Network: • Agents • Brokers ASSET MANAGEMENT : RE Consulting / Financial Management • Property and Building • Facility Management • Consulting • Advisory • Technical support management • Project mgmt (monitoring) • Energy / Environmental Management Property Management • Accounting, technical, etc Valuations • ECO, RICS, IVS, etc Debt External HIGH Added Value Providers • Legal, Fiscal, Technical
  8. 8. 8 El Grupo BNP Paribas: Una propuesta integral de servicios INVESTMENT MANAGEMENT JV’s Socimi’s Funds Direct Investment GESTIÓN DE LA INVERSIÓN GESTIÓN OPERATIVA DE LOS  ACTIVOS GESTIÓN DEL LIBRO   REGISTRO y BANCO AGENTE PROVEEDOR DE LIQUIDEZ VALORACIÓN DE ACTIVOS INVERSORES SALIDA A BOLSA COLOCACIONES PROPERTY MANAGEMENT 26 de junio de 2013
  9. 9. 99 El momento oportuno para la inversión inmobiliaria en España BNP Paribas Real Estate Luís Martín 26 de junio de 2013
  10. 10. 10 10 razones para invertir en España Por que es el momento de las oportunidades en el sector inmobiliario: rentas- rendimientos- valor por m², Por su sistema legal, Por las reformas en curso, Por su importante red de infraestructuras, Por ser un puente entre Europa, Latam y África, Por su posición en el mundo, Por ser uno de los principales destinos turísticos, Por sus empresas competitivas, Por su fuerza de trabajo altamente cualificada, Por su espíritu empresarial e innovador. 26 de junio de 2013
  11. 11. 1111 Rental Flow - Yield Levels – Capital Values 8.816 €/m2 10.200 €/m2 5.333 €/m2 9.107 €/m2 3.323 €/m2 4.935 €/m2 18.444 €/m2 33.982 €/m2 3.5% 5.2% 6.5% 26 de junio de 2013
  12. 12. 1212 Total real estate investment volume Western Europe (14 countries) 26 de junio de 2013
  13. 13. 13 Total investment Volume Breakdown by asset type 1326 de junio de 2013
  14. 14. 14 Office prime rent 26 de junio de 2013 200,0 250,0 300,0 350,0 400,0 450,0 500,0 550,0 600,0 Madrid Milan Vacant spaceAmsterdamCentral Paris 409,000 292,000 436,000 €/m²/year 1328 810 600,0 700,0 800,0 900,0 1000,0 1100,0 1200,0 1300,0 1400,0 1500,0 1600,0 1700,0 Central London Central Paris €/m²/year 396 288 450 264 265 500 288 200,0 250,0 300,0 350,0 400,0 450,0 500,0 550,0 600,0 Munich Hamburg Frankfurt Berlin Brussels Milan Madrid High Point (Since 2007) Q1 2013 Q1 2012 Low Point (Since 2007) €/m²/year
  15. 15. 1515 Office investment volume and prime yield 26 de junio de 2013
  16. 16. 16 Real estate office prime yields Western Europe (9 cities) 1626 de junio de 2013 007% 006% 006% 005% 005% 005% 005% 005% 004% 03% 04% 04% 05% 05% 06% 06% 07% 07% 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q1 2013 Brussels Madrid Milan Berlin Frankfurt Hamburg Munich Central Paris Central London
  17. 17. 171717 BNP Paribas Real Estate Gonzalo Bueno Retos y alternativas del mercado de inversión inmobiliaria en España 1. Claves de la últimas inversiones realizadas 2. Vehículos de inversión - SOCIMIs 3. Aspectos financieros a considerar 4. Procedencia posible de los activos 26 de junio de 2013
  18. 18. 1818 0 500 1.000 1.500 2.000 2.500 3.000 3.500 4.000 4.500 5.000 2009 2010 2011 2012 2013 18 1. Ultimas inversiones realizadas – Madrid y Barcelona Parque Empresarial Omega Portfolio Copérnico Complejo Canalejas Para reformar Volumen total de inversión en España (€m) Sede Deutsche Bank Sin reformar Edificio ApotSede BBVAApple StorePaseo de Gracia, 56 Cartera de 5 activos Madrid ‐ 2012 Barcelona ‐ 2013 Madrid ‐ 2012 Barcelona ‐ 2012 Madrid ‐ 2013 Gran Vía, 4 Q4 Q1 26 de junio de 2013
  19. 19. 191919 2. Vehículos de inversión - SOCIMIs.  Equiparable a otros REITs  Tributación atractiva  Alternativa de liquidez Simplificación de requisitos Número mínimo de inmuebles Volumen de capital Mercado de cotización (MAB) Coste y plazos  Transparencia y supervisión Acceso a buenos gestores Diversificación (tipología y localización de activos) Beneficios Mercado de capitales Free float mínimo / requisitos de difusión  Contrato de liquidez (efectivo y acciones) Atractivo para retail e institucional  Correlación con el mercado bursátil Lock-up de socios Otros Contratos de financiación  Cumplimiento requisitos y ratios legales Aspectos a Considerar 26 de junio de 2013
  20. 20. 202020 2. Vehículos de inversión - SOCIMIs. 1ª fase  Patrimonios inmobiliarios familiares / Club deals (optimización fiscal / liquidez).  Filiales españolas de REITs extranjeros 2º fase (evolución mercado de capitales y educación de inversores)  Creación de nuevos vehículos de inversión inmobiliaria, mas grandes.  Patrimonio inmobiliario en rentabilidad procedente de Sociedades, Entidades Financieras o Administraciones Públicas  Activos atractivos, buenos ratings, instrumento de reestructuración, etc Diversificación por tipología de activos ¿Quién puede estar interesado? 26 de junio de 2013
  21. 21. 212121 3. Aspectos financieros a considerar Escasez de crédito disponible (hace poco no había hada) Tendencia estructural de las entidades financieras a reducir su exposición (Basilea III, etc) Financiación muy selectiva  activos core (flujos de caja futuro muy sólidos) ; los secundarios, mas complicado  menos deuda, mas cara y a plazos mas cortos – menor impacto apalancamiento en TIR  visibilidad sobre la recuperación de la deuda a vencimiento  sostenibilidad del activo Oportunidad para especialistas, nuevos proveedores de deuda Fondos alternativos, proveedores no tradicionales de financiación (compañías de seguros, fondos de pensiones, Fondos Soberanos, Private Equity,etc)  Mercado de capitales Financiación 26 de junio de 2013
  22. 22. 222222 3. Aspectos financieros a considerar Euro Fuera zona Euro Tipo de cambio Fuente: Banco de España. Febrero 2013 “ Durante mi mandato, el BCE está preparado para hacer lo que sea necesario para mantener el euro. Y créanme, será suficiente” Mario Draghi 26-07-2012 Tipo de cambio €/US$ - Cambio medio mensual 1 1,1 1,2 1,3 1,4 1,5 1,6 e f m a m j j a s o n d e f m a m j j a s o n d e f m a m j j a s o n d e f m a m j j a s o n d e 2009 2010 2011 2012 2013 26 de junio de 2013
  23. 23. 2323 Suelos REOs; 7,5% Suelos Préstamos; 16,4% Producto en curso REOs; 1,3% Producto en curso Préstamos; 5,7% Producto terminado REOS; 13,6% Préstamos sin garantía; 3,8%Otros Préstamos; 9,0% Producto terminado Préstamos; 42,8% 23 4. Procedencia posible de los activos  Volumen de activos : € 50.449M  107.000 activos inmobiliarios y 90.500 activos financieros  Plan de negocio (5 primeros años): 45.000 viviendas vendidas, repago 50% deuda senior, reducir 44% balance  Rentabilidad del accionista entre el 13% - 14% Baa3 A2 Baa2 Baa2 Baa2 Baa2 Baa2 Baa3 Baa3 Baa3 B1 Ba2 Ba1 Ba1 Baa3 Baa3 Baa3 Navarra Aragón Asturias Canarias Cantabria País Vasco Andalusia Baleares Castilla León Extremadura Galicia Madrid Catalonia Murcia Castilla La Mancha Com. Valenciana ESPAÑA Fuente: Moody’s. Enero 2013  Reducción ratios déficit, mejora liquidez y desconsolidar deuda  Eficiencia en la gestión patrimonial  Grandes carteras de activos – procedimientos públicos y transparentes  Necesidad de reducir su exposición inmobiliaria  Adelantarse a los demás y cumplir con plazos  Activos procedentes de procesos concursales  Reestructuraciones y refinanciaciones  Poder invertir en su negocio sin incrementar exposición en real estate 1.- Cartera de Activos SAREB 2.- Administraciones Públicas 3.- Entidades Financieras 4.- Empresas 26 de junio de 2013
  24. 24. 2424 Novedades en régimen legal y fiscal de la actividad inmobiliaria URIA MENÉNDEZ José Maria Oliva y Luís Suárez Centi 26 de junio de 2013

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