Many of you know the
new framework and taxation laws to driving force this financial drive, which
have had a failed path since its implementation in 2009.
This business and
corporate figure, has its origin in the famous American REITs (Real Estate
Investment Trust), regulated in 1960 by the Congress of the United States, the original sense
was for large-scale investments in real estate were was also accessible to
small investors and other channels, allowing also the participations of small
savers and investors.
German
REITs – Felix Leuscner – Diploma Thesis
The botton line,
was, equate investment of Real Estate with as any industry investment. That is,
in this case, through the purchase of securities. Therefore, although will not
required, most of them were established as publicly Traded Companies.
With independence of
initial desire or willingness and always in accordance with The Regulator
Bureau, the potential diversity of investor and the complex property assets,
not only has increasingly and diversified in specialized companies, also has
gone to include very different corporate profiles and investors with a very
unequal size.
Profitability has
also evolved as have been perfecting their management models currently on the
European market, they offer returns that compete fully with other classic values,
like a public debt for 10 years
Exported to Europe, this figure has been in our nearest sphere an
exponential development. Maybe not draw attention the number of companies
created under this heading - not usually exceed fifty in the country - but it does
call attention the size of these companies and its buildings. Thus its, value
and weight in the Country market are important.
The case of France, the S.I.C. (Sociétés Immobilières
Cotées), regulated since 2003, managing assets around €40,000 million, the
REITs in the UK and Germany,
regulated in 2007 more than €20,000 million , …
...
In Spain, the
present controller, has eased significantly the strong conditions of access and
creation of such societies, homogenizing the international reference framework
and offering a very advantageous tax planning.
Focusing on the
title this light article, and ignoring the fact that year 2009, definitely was
not the most ideal time to invest in real estate assets, the framework under
which they are regulated in our Country and has just been "updated",
doing it, not only more attractive to the existing Equity Fund Managers; Companies
with Real Estate Funds and other Investment Funds, also for accessed new
European players on our territory.
The bet of current
Government's commitment to promoted the rental market with the enactment of
driving force measures as: The Comprehensive Plan for Housing and Land 2013,
Recent changes in the LAU, (Law of Urban Leases) and Royal Decree that regulates the State
Housing Plan 2013-2016 among others ... They act around as a tools to again
update and driving force it, the legal
safeguards for tenants and landlords, also "injecting" new models of
funding and support for the renewal, adaptation and access of such assets.
It is an important
tool, which seems to have been conceived in this second chance, as an ad-hoc
tool to give a possible solution the huge stock Spanish property failed or in
stand-by, currently in the hands of large corporations, agencies and building
Companies. And even, as "binder" of small real estate investors, asset owners today "insecure".
Martin
Sainz-Trápaga Castell
²Sareb: Asset Management Society From the Banking
Restructuring.
Sareb is constituted as a public limited company, of
private character, whose exclusive object is the tenancy, management and
administration direct or indirect, acquisition and transfer of assets that they
transfer him credit institutions that to the coming into force of the Actual
one decree-law 24/2012, of 31 August, of credit institutions restructuring and
resolution were found mainly participated by the Fund of Restructuración
Banking Ordinate (FROB) or that, in the opinion of the Banco de España and
after the independent evaluation of the needs of capital and quality of assets
of the Spanish financial system, made in the Frame of the Memorandum of
Understanding (MoU) signed between Spanish authorities and European on 20 July
2012, are going to require the opening of a process of restructuring or
resolution of the ones considered in the Act 9/2012.
The Sareb has as a main goal the clean-up of
the Spanish financial system .
Currently, Sareb has entrusted to the ceding company
its transmitted assets management.
