{"id":214185,"date":"2020-08-06T12:09:09","date_gmt":"2020-08-06T09:09:09","guid":{"rendered":"https:\/\/alegria-realestate.com\/?p=214185"},"modified":"2025-08-14T20:08:25","modified_gmt":"2025-08-14T17:08:25","slug":"real-estate-investment-funds-in-spain-and-developers","status":"publish","type":"post","link":"https:\/\/alegria-realestate.com\/cs\/articles\/property-in-spain\/real-estate-investment-funds-in-spain-and-developers","title":{"rendered":"\u0160pan\u011bl\u0161t\u00ed socimis ztr\u00e1c\u00ed na burze, zat\u00edmco develope\u0159i p\u0159ib\u00edraj\u00ed na v\u00e1ze"},"content":{"rendered":"<p>Velk\u00e9 realitn\u00ed investi\u010dn\u00ed fondy (socimis) a develope\u0159i pro\u017e\u00edvaj\u00ed zdravotn\u00ed a n\u00e1slednou ekonomickou <a href=\"https:\/\/alegria-realestate.com\/ru\/articles\/news\/azora-raised-680-million-at-the-height-of-the-health-crisis\">krizi v d\u016fsledku koronaviru<\/a> r\u016fzn\u011b. Od vyhl\u00e1\u0161en\u00ed v\u00fdjime\u010dn\u00e9ho stavu ve \u0160pan\u011blsku ztratily <strong>Merlin<\/strong> a <strong>Colonial<\/strong> , dva nejv\u011bt\u0161\u00ed investi\u010dn\u00ed fondy v Ibex 35, p\u0159ibli\u017en\u011b p\u011btinu sv\u00e9 hodnoty na akciov\u00e9m trhu, zat\u00edmco developersk\u00e9 spole\u010dnosti Aedas a Neinor Homes za stejn\u00e9 obdob\u00ed vzrostly o 25 %. \u00dadaje kontrastuj\u00ed s t\u00edm, co analytici o\u010dek\u00e1vali, kdy\u017e vsadili na dva n\u00e1rodn\u00ed realitn\u00ed giganty na z\u00e1klad\u011b jejich fundament\u016f, kvality jejich bytov\u00e9ho fondu a jejich potenci\u00e1lu generovat zisky. <strong>Covid-19<\/strong> v\u0161ak zm\u011bnil v\u0161echny karty. Nap\u0159\u00edklad akcie <strong>Merlin Properties<\/strong> za\u010daly od poloviny \u00fanora prudce klesat a za m\u00e9n\u011b ne\u017e m\u011bs\u00edc klesly <strong>z 13 EUR na 7 EUR<\/strong> za akcii. Do \u010dervna se jim poda\u0159ilo pon\u011bkud vzpamatovat \u2013 <strong>na 8,8 EUR<\/strong> , ale pot\u00e9 se pokles obnovil. V d\u016fsledku toho do 27. \u010dervence hodnota akci\u00ed investi\u010dn\u00edho fondu klesla na historick\u00e9 minimum od jeho vstupu na Ibex 35 (prosinec 2015) \u2013 na <strong>6,52 EUR<\/strong> . Spole\u010dnost uzav\u0159ela \u010dervenec na <strong>6,99 EUR<\/strong> . V p\u0159\u00edpad\u011b <strong>Colonialu<\/strong> je situace podobn\u00e1, oba fondy toti\u017e sledovaly podobnou strategii. I zde cena akci\u00ed klesla z v\u00edce ne\u017e <strong>13 EUR na 7 EUR<\/strong> b\u011bhem jednoho m\u011bs\u00edce. Pak do\u0161lo k mal\u00e9mu n\u00e1r\u016fstu, po kter\u00e9m n\u00e1sledoval dal\u0161\u00ed pokles. Cena akci\u00ed fondu v\u0161ak je\u0161t\u011b neklesla na sv\u00e9 minimum <strong>6,35 EUR<\/strong> , kter\u00e9ho dos\u00e1hla 19. b\u0159ezna (nejni\u017e\u0161\u00ed od vstupu fondu do Ibex 35 p\u0159ed t\u0159emi lety). <strong>Colonial<\/strong> uzav\u0159el \u010dervenec na <strong>7,22 EUR<\/strong> na akcii. <strong>Merlin<\/strong> ztratil <strong>28,6 %<\/strong> sv\u00e9 hodnoty akciov\u00e9ho trhu mezi 13. b\u0159eznem a 31. \u010dervencem, zat\u00edmco <strong>Colonial ztratil 18 %<\/strong> podle \u00fadaj\u016f o trhu. Od za\u010d\u00e1tku b\u0159ezna v\u0161ak pokles \u010dinil <strong>40 %<\/strong> . Mezi developery <strong>spole\u010dnost Neinor Homes<\/strong> za stejn\u00e9 obdob\u00ed z\u00edskala <strong>33 %<\/strong> hodnoty akciov\u00e9ho trhu (\u010dervenec skon\u010dil na <strong>10,16 EUR<\/strong> na akcii). Akcie <strong>Aedas Homes<\/strong> vzrostly o t\u00e9m\u011b\u0159 <strong>27 %<\/strong> (18 EUR na akcii). Cena akci\u00ed Metrovacesa se po cel\u00e9 obdob\u00ed prakticky nezm\u011bnila. Jej\u00ed akcie se v sou\u010dasnosti obchoduj\u00ed za zhruba <strong>5,9 EUR<\/strong> (o 3 % m\u00e9n\u011b ne\u017e p\u0159ed vyhl\u00e1\u0161en\u00edm nouzov\u00e9ho stavu). Na nejni\u017e\u0161\u00ed ceny akci\u00ed se v\u0161ak b\u011bhem zdravotn\u00ed krize dostali i t\u0159i v\u00fdvoj\u00e1\u0159i: Neinor 16. b\u0159ezna, Aedas 18. b\u0159ezna a Metrovacesa 6. dubna. <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-214187\" src=\"https:\/\/alegria-realestate.com\/wp-content\/uploads\/2020\/08\/real-estate-investment-funds-in-spain-and-developers1.jpg\" alt=\"\" width=\"851\" height=\"599\" srcset=\"https:\/\/alegria-realestate.com\/wp-content\/uploads\/2020\/08\/real-estate-investment-funds-in-spain-and-developers1.jpg 851w, https:\/\/alegria-realestate.com\/wp-content\/uploads\/2020\/08\/real-estate-investment-funds-in-spain-and-developers1-300x211.jpg 300w, https:\/\/alegria-realestate.com\/wp-content\/uploads\/2020\/08\/real-estate-investment-funds-in-spain-and-developers1-768x541.jpg 768w\" sizes=\"auto, (max-width: 851px) 100vw, 851px\" \/><\/p>\n<h2> Co se stalo s akciemi Socimis?<\/h2>\n<p> <strong>Javier D\u00edaz<\/strong> , analytik <strong>spole\u010dnosti Ahorro Corporaci\u00f3n<\/strong> , vysv\u011btluje: \u201eKrom\u011b ochromen\u00ed \u010dinnosti, ekonomiky a pr\u016fmyslu v d\u016fsledku zdravotn\u00ed krize s n\u00e1sledn\u00fdmi negativn\u00edmi dopady na realitn\u00ed sektor do\u0161lo k v\u00fdznamn\u00fdm zm\u011bn\u00e1m v \u017eivotn\u00edm stylu obyvatel, kter\u00e9 ve v\u011bt\u0161\u00ed \u010di men\u0161\u00ed m\u00ed\u0159e ovlivnily trendy v r\u016fzn\u00fdch pododv\u011btv\u00edch. Pr\u00e1ce na d\u00e1lku a r\u016fst elektronick\u00e9ho obchodov\u00e1n\u00ed budou kl\u00ed\u010dov\u00fdmi hnac\u00edmi silami budouc\u00edho v\u00fdvoje tohoto odv\u011btv\u00ed. V kr\u00e1tkodob\u00e9m horizontu budeme sv\u011bdky konsolidace a regenerace p\u0159\u00edjm\u016f r\u016fzn\u00fdch spole\u010dnost\u00ed, jejich\u017e v\u00fd\u0161e bude z\u00e1viset na kvalit\u011b a udr\u017eitelnosti jejich majetku, ale tak\u00e9 na solventnosti jejich n\u00e1jemc\u016f a efektivit\u011b hospoda\u0159en\u00ed.\u201c K tomu je t\u0159eba p\u0159ipo\u010d\u00edtat pro p\u0159\u00ed\u0161t\u00ed m\u011bs\u00edce predikovan\u00fd pokles hodnoty aktiv, kter\u00fd by mohl \u010dinit zhruba <strong>2 %<\/strong> v p\u0159\u00edpad\u011b kancel\u00e1\u0159\u00ed a logistiky a od <strong>4 %<\/strong> do <strong>5,5 %<\/strong> v p\u0159\u00edpad\u011b retailov\u00e9ho segmentu. Jak v\u0161ak uv\u00e1d\u00ed poradensk\u00e1 spole\u010dnost <strong>CBRE<\/strong> , hodn\u011b z\u00e1le\u017e\u00ed na lokalit\u011b. <a href=\"https:\/\/alegria-realestate.com\/ru\/sale\/new-buildings\">Na trhu nov\u00e9 v\u00fdstavby<\/a> se o\u010dek\u00e1v\u00e1 stabilizace cen a popt\u00e1vky. Podle odborn\u00edk\u016f <strong>spole\u010dnosti Solvia<\/strong> je \u201ed\u016fvodem toho, \u017ee se produkt poka\u017ed\u00e9 zlep\u0161uje a nyn\u00ed nejl\u00e9pe vyhovuje pot\u0159eb\u00e1m vlastnost\u00ed, po kter\u00fdch je nejv\u011bt\u0161\u00ed popt\u00e1vka.\u201c Naopak na sekund\u00e1rn\u00edm trhu s bydlen\u00edm se o\u010dek\u00e1v\u00e1 dvoucifern\u00fd pokles cen. <strong>Foro Consultores<\/strong> tak\u00e9 p\u0159edpov\u00edd\u00e1, \u017ee dopad koronaviru na trh s novostavbami bude omezen\u00fd, proto\u017ee 90 <strong>%<\/strong> byt\u016f, kter\u00e9 maj\u00ed b\u00fdt dokon\u010deny v leto\u0161n\u00edm roce, a n\u011bkter\u00e9 z nich, kter\u00e9 maj\u00ed b\u00fdt dod\u00e1ny v roce 2021, je ji\u017e prod\u00e1no. Neexistuje \u017e\u00e1dn\u00e1 neprodan\u00e1 z\u00e1soba nov\u00e9ho bydlen\u00ed, \u00farove\u0148 zadlu\u017een\u00ed developer\u016f je zanedbateln\u00e1 a \u00farokov\u00e9 sazby z\u016fst\u00e1vaj\u00ed na rekordn\u00edch minimech. <strong>Juan Jos\u00e9 Fern\u00e1ndez-Figares<\/strong> , vedouc\u00ed v\u00fdzkumu ve <strong>spole\u010dnosti Link Securities<\/strong> , p\u0159ipom\u00edn\u00e1, \u017ee \u201edevelope\u0159i nebyli dlouho schopni usp\u011bt na burze kv\u016fli nedodr\u017eov\u00e1n\u00ed sv\u00fdch vlastn\u00edch obchodn\u00edch pl\u00e1n\u016f, n\u011bkdy a\u017e p\u0159ehnan\u011b optimistick\u00fdch, co\u017e tak\u00e9 p\u0159isp\u011blo k tomu, \u017ee ve srovn\u00e1n\u00ed s nimi obst\u00e1li l\u00e9pe ne\u017e socimis\u201c.<\/p>","protected":false},"excerpt":{"rendered":"<p>Velk\u00e9 realitn\u00ed investi\u010dn\u00ed fondy (socimis) a develope\u0159i pro\u017e\u00edvaj\u00ed zdravotn\u00ed\u2026<\/p>\n","protected":false},"author":18,"featured_media":214186,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15,73],"tags":[],"class_list":["post-214185","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-property-in-spain"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u0424\u043e\u043d\u0434\u044b \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u0439 \u0432 \u043d\u0435\u0434\u0432\u0438\u0436\u0438\u043c\u043e\u0441\u0442\u044c \u0418\u0441\u043f\u0430\u043d\u0438\u0438 (socimis) \u0441\u0434\u0430\u044e\u0442 \u043f\u043e\u0437\u0438\u0446\u0438\u0438 \u043d\u0430 \u0431\u0438\u0440\u0436\u0435, \u0430 \u0437\u0430\u0441\u0442\u0440\u043e\u0439\u0449\u0438\u043a\u0438 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