(III) Will go on Sacresa’s Caufec Plan in Barcelona?
5 July, 2010 No Comments
Currently, the group Sacresa is negotiating with banks for their Caufec company (which owns the Porta Barcelona project) not become part of the package in bankruptcy, with assets of the other four companies.
The debt of the group, a probably amount of € 1,600 million are loans with fifteen banks and savings banks, with the Institut Català de Fianances and foreign banks, among others.
International banking prefers to assume losses than exchange actives for debt, and did not accept the terms of Sacresa to allow much of its assets. For instance, Caufec Plan valued at 1,000 million €, which the company would be able to pull forward with the problem. This pool of banks considered that the refinancing would not prevent a future collapse of the group.
The viability plan that the company has presented to the bank transfer assets valued at over € 1,000 million, a rebate of 30% of the debt, which has no mortgage and a grace period of five years for all payments to the bank giving almost all its real estate assets, including Porta Barcelona development, retaining the bare ownership of the mall Magic Badalona, some land to promote housing near Finestrelles and patrimonial society owner of the Illa Diagonal.
The next step of the society was trying to bring the debt to the current market situation to engage in housing development in the area of Barcelona. In fact, in 2009 and began to give way to Metrovacesa real estate assets to redeem debt, and among them was Les Arenes de Barcelona.
According Expansion (06.2010) Caufec society owes nearly € 200 milion with Bancaja, La Caixa, CAM and Banco Popular, but its assets are also around 200 million €, and therefore the company expects that this society can save itself from the concourse. But even thinking that saved the concourse, the bank has refused to grant more credit to the society. As I said before, banking, given the few opportunities open to him to pay the debt and, seeing that if he did not has concourse now it would probably happens in two years, sales of assets that had been made would now be likely to be challenged or reversed (in a future post will discuss this).
Sacresa is a promoter who has made investments or long-term bets, including the purchase would be in Finestrelles Fecsa, one of Australia’s largest tertiary Catalonia. But today, international banking, which has massive investments in Spanish real estate, does not rely on the outlook for the Spanish economy and prefer not to refinance but devote itself to developers to contest … making projects viable as it would be great in this If not funded.
But… How is Caufec Plan situation nowadays? Well, if there is no news, still belongs to Caufec society, from Sacresa realtor. As of today have become works of infrastructure and urbanization of the main part, which was agreed with the council. Also in its final stages the burial of Fecsa electricity towers, in addition to finishing the garden areas, walking areas and bicing, street furniture and three playgrounds. But that is nearing completion does not mean that is actually delivered and is currently fenced all means (but is allowed to pass) and the finished park, but you can not use them. There are very few operators working … If a project is not working heavily, is an indicator that the developer has problems, which generally tend to be financial.
It is assumed that the project should be going on, because it has already built a sales office. But there is no indication that the building of houses or flats will start soon, nor the construction of the hotel and shopping center … perhaps we should expect to improve the housing market.
For now, assume that the idea would be to sell the homes by planes, or at least make a waiting list, as it has being done years ago at the Barcelona Meeting Point, when it began to publish the project.
From my point of view, this is a great project for the area, if it is to make as it is currently planned, always aiming to make it solved the issue of vehicle entrances and exits to the Diagonal and Ronda de Dalt.
Sources: La Vanguardia, Expansión and Cinco Días newspapers.
