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Barcelona Meeting Point Symposium: 'Spain: Time For Investors To Come Back? Why?'

23/10/2013 (dd/mm/yyyy) | Barcelona


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REPORT 

On 24 October 2013, the ESADE Alumni Real Estate Club organised a lecture entitled, "Spain: Time For Investors To Come Back? Why?", within the framework of Barcelona Meeting Point at the Fira de Barcelona. Eduard Mendiluce (MBA '97), CEO of CatalunyaCaixa Inmobiliaria (Barcelona) and Chairman of the ESADE Alumni Real Estate Club, was in charge of welcoming the speakers and presenting Alfredo Laffitte, Director of the Real Estate Area for Banc Sabadell; Óscar de Santiago, Partner at Garrigues (Barcelona); Anthony Myers, Senior Managing Director at Blackstone Real Estate Group Europe (London); Tim Mooney, Director General of Värde Partners Europe (London); Javier Kindelan, President of CBRE Valuation Advisory (Madrid); Ismael Clemente, Partner and Director of Magic Real Estate (Madrid); and, finally, Juan Barba, Director de Activos Inmobiliarios at SAREB (Madrid).

Before handing the floor over to the speakers, Eduard Mendiluce (MBA '97), reflected: “Something is changing in the sector. However, we want to know if this is just a temporary change or a general upward trend". After his opening address, he gave the floor to the first speaker, Alfredo Laffitte.

The Banc Sabadell director clearly described the market trend: “The specific weight of the real estate sector in Spain is returning to its natural state, 5% of the GDP. The 12% it reached was not logical at all". Moreover, he explained that the current price rise is reactivating demand in the sector. 
After Laffitte, Óscar de Santiago took the floor, presenting his credentials: “I am responsible for the legal part of this talk". He then went on to explain that the regulations only started to be implemented properly quite recently: “For years, the Spanish real estate sector had needed a flexible regulatory structure. In the past, attempts were made to set up structures, but there was no supply or demand".

Anthony Myers was the session’s third speaker. The Blackstone director spoke of his experience with the Spanish market: “Up to 2012, we weren’t very active in Europe, far less in Spain. Now it is possible to find good opportunities here. Things were not as well regulated in the past".

Tim Mooney agreed with Myers' interpretation: “We are very selective at Värde Partners Europe. We entered Spain in 2009 and are still optimistic. The problem was that more houses were built than were needed in the Spanish market". 

Javier Kindelan was the fifth speaker to take the floor. The President of CBRE Valuation Advisory focused his talk on the rise in house prices: “In the East  there is more adjustment because there is more stock. We are at a stage where there are lots of international buyers. Nevertheless, there is still a problem of access to financing". Kindelan finished his talk by giving reasons for optimism: “People are beginning to trust in Spain again and this is because of the transparency the country's institutions are acquiring".

Ismael Clemente took the floor after Kindelan’s speech. During his speech, the Director of Magic Real Estate reflected on the need for a paradigm shift: “In the past, the figures stood at 85% ownership and 15% rental. This was inviable.  People have got to change their perspective. Renting is not bad". Moreover, it had an impact on the total number of homes in stock: 27,000,000: “Today, there is a pan-European demand that will provide us with more opportunities in 6 years time". 

Juan Barba closed the session. The Director of SAREB centred his speech on the importance of investors: “It is essential to listen to investors and adapt to their needs. There are still zones where products are lacking. The challenge is to adapt to each of our investor’s requirements".

After the speeches, there was a question-and-answer session to enable the audience to discuss any doubts they might have with the speakers.

 

 

 

 

Programme

The ESADE Alumni Real Estate Club presents the programme of the 2013 Barcelona Meeting Point (BMP) symposium, entitled "Spain: Time For Investors To Come Back? Why?", which will take place at the Fira de Barcelona fairgrounds on 23rd and 24th October. 

At the symposium, speakers will examine the current status of Spain’s financial system and economy – in the European context, obviously – and venture predictions about both for 2014 and beyond. Leading experts will share their opinions about the evolution of the Spanish economy, the banking sector, and the return of the investment funds, which is expected to have an impact on economic activity and real estate development in Spain as soon as next year.

Participants in this year’s BMP symposium will, for the first time, have the chance to attend an exclusive workshop. 

Registration options: 

Standard:
access to all sessions + one lunch + one breakfast (no workshop)
€390 + 10% VAT = €429 (ESADE Alumni members: €310 + 10% VAT = €341)

Premium: access to all sessions + one lunch + one breakfast + one workshop
€690 +10% VAT = €759 (ESADE Alumni members: €610 +10% VAT = €671)

REGISTER NOW

When you complete the form you must send it to dalvarez@bmpsa.com or fax 34 93 223 42 50. (Registration forms are at the end of the program).

 

 

WORKSHOP: "Residential and Land Development"

Premium participants may attend one of the three workshops on offer. "Residential and Land Development", the workshop organised by the ESADE Alumni Real Estate Club, will take place on Wednesday, 23rd October 2013 from 5:30 to 7:00 pm (places are limited). 

Now that prices have come down considerably, banks have built up their reserves and a growing number of sales are going through SAREB (Spain’s bad bank), investment funds are considering – and buying – residential portfolios, either directly or with a developer’s loan. 

- Are these the mild beginnings of international capital inflows or the start of an unstoppable trend? Will public administrations agree to empty their stock of social housing?
- Are there really opportunities for the funds? In collateral or in foreclosures?
- Who sells the packages? The bad bank? Will the banks eventually sell packages in parallel with their retail sales?
- What impact will these policies have on the price-adjustment curve?
- Will we see new vehicles for funds that are willing to operate as developers?
- What role do servicers play in the management of portfolios acquired by funds? 

Participants:
Joan Bertran (MBA 04), Director of Real Estate Operations at Banc Sabadell (Barcelona) and member of the ESADE Alumni Real Estate Club
Carles Cirera, Development Director at Servihabitat Gestión Inmobiliaria, S.L. (Barcelona)
Ismael Clemente, Managing Partner at Magic Real Estate (Madrid)
Anna Gener, General Manager at Aguirre Newman (Barcelona)
Javier Kindelan, President of CBRE Valuation Advisory (Madrid)
Ronald Lafever, General Manager of Kennedy Wilson (London)
Tim Mooney, General Manager of Värde Partners Europe (London)
Oscar de Santiago, Partner at Garrigues (Barcelona)

Moderator: Eduard Mendiluce (MBA 97), Director of the Real Estate Division at CatalunyaCaixa (Barcelona) and President of the ESADE Alumni Real Estate Club

 

 

SESSION"Opportunities in the Residential Market?"

Thursday, 24th October 2013

Session organised by ESADE Alumni: “Opportunities in the Residential Market?¿

Participants:
Juan Barba, Real Estate Asset Director at SAREB (Madrid)
Joan Bertran (MBA 04), Director of Real Estate Operations at Banc Sabadell (Barcelona) and member of the ESADE Alumni Real Estate Club
Ismael Clemente, Managing Partner at Magic Real Estate (Madrid)
Javier Kindelan, President of CBRE Valuation Advisory (Madrid)
Tim Mooney, General Manager of Värde Partners Europe (London)
Anthony Myers, Senior Director of European Acquisitions at Blackstone (London)
Oscar de Santiago, Partner at Garrigues (Barcelona)


GET TICKETS (MEMBERS ONLY)

Get free General Attendance or Professional tickets to Barcelona Meeting Point (23rd-25th October) through the ESADE Alumni Real Estate Club.

TO GET GENERAL ATTENDANCE TICKETS, CLICK HERE

TO GET PROFESSIONAL TICKETS, CLICK HERE 


For further information:
clubinmobiliario@alumni.esade.edu 

 
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