{"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\/de\/articles\/property-in-spain\/real-estate-investment-funds-in-spain-and-developers","title":{"rendered":"Spanische Immobilieninvestmentfonds (socimis) verlieren an der B\u00f6rse an Boden, Entwickler gewinnen an Gewicht"},"content":{"rendered":"<p>Gro\u00dfe Immobilieninvestmentfonds (socimis) und Projektentwickler erleben die Gesundheits- und anschlie\u00dfende Wirtschaftskrise <a href=\"https:\/\/alegria-realestate.com\/ru\/articles\/news\/azora-raised-680-million-at-the-height-of-the-health-crisis\">aufgrund des Coronavirus<\/a> auf unterschiedliche Weise. Seit der Ausrufung des Ausnahmezustands in Spanien haben <strong>Merlin<\/strong> und <strong>Colonial<\/strong> , die beiden gr\u00f6\u00dften Investmentfonds im Ibex 35, rund ein F\u00fcnftel ihres B\u00f6rsenwerts verloren, w\u00e4hrend die Immobilienentwickler Aedas und Neinor Homes im Vergleich dazu um 25 % gestiegen sind Zeitraum. Die Daten stehen im Gegensatz zu den Erwartungen der Analysten, die aufgrund ihrer Fundamentaldaten, der Qualit\u00e4t des Immobilienbestands und des Ertragspotenzials auf die beiden Immobiliengiganten des Landes setzen. Allerdings hat <strong>Covid-19<\/strong> alle Karten durcheinander gebracht. Die Aktien von <strong>Merlin Properties<\/strong> beispielsweise begannen ab Mitte Februar stark zu fallen und fielen in weniger als einem Monat <strong>von 13 \u20ac auf 7 \u20ac<\/strong> pro Aktie. Bis Juni gelang es ihnen, sich etwas zu erholen \u2013 <strong>auf 8,8 \u20ac<\/strong> , doch dann setzte der R\u00fcckgang wieder ein. Infolgedessen fiel der Wert der Anteile des Investmentfonds bis zum 27. Juli auf den historischen Tiefststand seit seinem Einstieg in Ibex 35 (Dezember 2015) \u2013 auf <strong>6,52 \u20ac<\/strong> . Das Unternehmen schloss den Juli bei <strong>6,99 \u20ac<\/strong> ab. Bei <strong>Colonial<\/strong> ist die Situation \u00e4hnlich, da beide Fonds eine \u00e4hnliche Strategie verfolgten. Auch hier fiel der Aktienkurs innerhalb eines Monats von \u00fcber <strong>13 \u20ac auf 7 \u20ac<\/strong> . Dann kam es zu einem leichten Anstieg, danach kam es wieder zu einem R\u00fcckgang. Bisher ist der Aktienkurs des Fonds jedoch nicht auf den am 19. M\u00e4rz erreichten Tiefststand von <strong>6,35 \u20ac<\/strong> gefallen (den niedrigsten Stand seit dem Beitritt des Fonds zum Ibex 35 vor drei Jahren). <strong>Colonial<\/strong> schloss im Juli bei <strong>7,22 \u20ac<\/strong> pro Aktie. Marktdaten zufolge verlor <strong>Merlin<\/strong> zwischen dem 13. M\u00e4rz und dem 31. Juli <strong>28,6 %<\/strong> seines B\u00f6rsenwerts und <strong>Colonial 18 %<\/strong> . Seit Anfang M\u00e4rz betr\u00e4gt der R\u00fcckgang jedoch <strong>40 %<\/strong> . Was die Entwickler betrifft, so steigerte <strong>Neinor Homes<\/strong> im gleichen Zeitraum seinen B\u00f6rsenwert <strong>um 33 %<\/strong> (Juli schloss bei <strong>10,16 \u20ac<\/strong> pro Aktie). <strong>Der Aktienkurs von Aedas Homes<\/strong> stieg um fast <strong>27 %<\/strong> (18 \u20ac pro Aktie). Der Aktienkurs von Metrovacesa blieb im gesamten Zeitraum nahezu unver\u00e4ndert. Mittlerweile notieren die Aktien bei etwa <strong>5,9 Euro<\/strong> (3 % niedriger als vor der Ausrufung des Ausnahmezustands). Allerdings erreichten auch drei Entwickler ihre niedrigsten Aktienwerte w\u00e4hrend der Gesundheitskrise: Neinor am 16. M\u00e4rz, Aedas am 18. M\u00e4rz und Metrovacesa am 6. April. <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> Was ist mit den Socimis-Aktien passiert?<\/h2>\n<p> <strong>Javier D\u00edaz<\/strong> , Analyst bei <strong>Ahorro Corporaci\u00f3n<\/strong> , erkl\u00e4rt: \u201eNeben der L\u00e4hmung von Aktivit\u00e4t, Wirtschaft und Industrie aufgrund der Gesundheitskrise mit den daraus resultierenden negativen Auswirkungen auf den Immobiliensektor kam es zu erheblichen Ver\u00e4nderungen im Lebensstil der Bev\u00f6lkerung. die die Trends in verschiedenen Teilsektoren mehr oder weniger beeinflusst haben. Fernarbeit und der Aufstieg des E-Commerce werden wichtige Treiber f\u00fcr die zuk\u00fcnftige Entwicklung des Sektors sein. Kurzfristig werden wir eine Konsolidierung und Erholung der Ertr\u00e4ge verschiedener Unternehmen erleben, deren H\u00f6he von der Qualit\u00e4t und Nachhaltigkeit ihrer Verm\u00f6genswerte sowie der Zahlungsf\u00e4higkeit ihrer Mieter und der Effizienz des Managements abh\u00e4ngen wird.\u201c Hinzu kommt der f\u00fcr die kommenden Monate prognostizierte R\u00fcckgang der Verm\u00f6genswerte, der bei B\u00fcros und Logistik rund <strong>2 %<\/strong> und im Einzelhandelssegment zwischen <strong>4 %<\/strong> und <strong>5,5 %<\/strong> betragen k\u00f6nnte. Laut Beratungsunternehmen <strong>CBRE<\/strong> h\u00e4ngt jedoch viel vom Standort ab. <a href=\"https:\/\/alegria-realestate.com\/ru\/sale\/new-buildings\">Auf dem Neubaumarkt<\/a> ist mit einer Stabilisierung von Preisen und Nachfrage zu rechnen. \u201eDer Grund daf\u00fcr liegt laut <strong>Solvia-<\/strong> Experten darin, dass das Produkt immer besser wird und sich nun bestm\u00f6glich an die Anforderungen der am st\u00e4rksten nachgefragten Objekte anpasst.\u201c Im Gegenteil: Die Preise auf dem Zweitwohnungsmarkt werden voraussichtlich zweistellig sinken. <strong>Foro Consultores<\/strong> prognostiziert auch begrenzte Auswirkungen des Coronavirus auf den Neubaumarkt, da 90 <strong>%<\/strong> der Wohnungen, die in diesem Jahr fertiggestellt werden, sowie ein Teil dessen, was im Jahr 2021 geliefert wird, bereits ausverkauft sind. Es gibt keinen unverkauften Bestand an neuem Wohnraum, die Verschuldung der Bautr\u00e4ger ist unbedeutend und die Zinss\u00e4tze verharren auf Rekordtiefs. <strong>Juan Jos\u00e9 Fernandez-Figares<\/strong> , Forschungsleiter bei <strong>Link Securities<\/strong> , erinnert sich, dass \u201eImmobilienentwickler lange Zeit nicht in der Lage waren, an der B\u00f6rse erfolgreich zu sein, weil sie sich nicht an ihre eigenen Gesch\u00e4ftspl\u00e4ne hielten, die manchmal zu optimistisch waren, was auch dazu beitrug.\u201c Tatsache, dass sie vergleichsweise besser \u00fcberlebten als die Socimis.\u201c<\/p>","protected":false},"excerpt":{"rendered":"<p>Gro\u00dfe Immobilieninvestmentfonds (socimis) und Projektentwickler erleben die Gesundheits- und\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 \u043d\u0430\u0431\u0438\u0440\u0430\u044e\u0442 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