{"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\/fr\/articles\/property-in-spain\/real-estate-investment-funds-in-spain-and-developers","title":{"rendered":"Les fonds d&#39;investissement immobilier espagnols (socimis) perdent du terrain alors que les promoteurs prennent du poids"},"content":{"rendered":"<p>Les grands fonds d&#39;investissement immobilier (socimis) et les promoteurs vivent diff\u00e9remment la crise sanitaire et la <a href=\"https:\/\/alegria-realestate.com\/ru\/articles\/news\/azora-raised-680-million-at-the-height-of-the-health-crisis\">crise \u00e9conomique cons\u00e9cutive due au coronavirus<\/a> . Depuis la d\u00e9claration de l&#39;\u00e9tat d&#39;urgence en Espagne, <strong>Merlin<\/strong> et <strong>Colonial<\/strong> , les deux plus grands fonds d&#39;investissement inclus dans Ibex 35, ont perdu environ un cinqui\u00e8me de leur valeur d&#39;\u00e9change, tandis que les promoteurs Aedas et Neinor Homes ont augment\u00e9 de 25 % sur la m\u00eame p\u00e9riode. . Ces donn\u00e9es contrastent avec ce qu&#39;attendaient les analystes, qui misaient sur les deux g\u00e9ants du march\u00e9 immobilier national en raison de leur fondamentalit\u00e9, de la qualit\u00e9 du parc immobilier et du potentiel de g\u00e9n\u00e9ration de b\u00e9n\u00e9fices. Pourtant, <strong>le covid-19<\/strong> a m\u00e9lang\u00e9 toutes les cartes. Les actions de <strong>Merlin Properties<\/strong> , par exemple, ont commenc\u00e9 \u00e0 chuter \u00e0 partir de la mi-f\u00e9vrier, passant <strong>de 13 \u20ac \u00e0 7 \u20ac<\/strong> par action en moins d&#39;un mois. En juin, ils ont r\u00e9ussi \u00e0 se redresser quelque peu &#8211; <strong>jusqu&#39;\u00e0 8,8 \u20ac<\/strong> , mais la chute a repris. En cons\u00e9quence, le 27 juillet, la valeur des actions du fonds d&#39;investissement est tomb\u00e9e \u00e0 un plus bas historique depuis son entr\u00e9e dans l&#39;Ibex 35 (d\u00e9cembre 2015) &#8211; \u00e0 <strong>6,52 \u20ac<\/strong> . La soci\u00e9t\u00e9 a cl\u00f4tur\u00e9 juillet \u00e0 <strong>6,99 \u20ac<\/strong> . Dans le cas de <strong>Colonial<\/strong> , une situation similaire est observ\u00e9e, puisque les deux fonds ont suivi une strat\u00e9gie similaire. Il a \u00e9galement enregistr\u00e9 une baisse du cours de l&#39;action de plus <strong>de 13 \u20ac \u00e0 7 \u20ac<\/strong> en un mois. Ensuite, il y a eu une petite augmentation, apr\u00e8s quoi &#8211; encore une fois une chute. Cependant, jusqu&#39;\u00e0 pr\u00e9sent, la valeur des actions du fonds n&#39;est pas tomb\u00e9e au plus bas du 19 mars <strong>\u00e0 6,35 \u20ac<\/strong> (le plus bas depuis l&#39;entr\u00e9e du fonds dans l&#39;Ibex 35 il y a trois ans). <strong>Colonial<\/strong> a termin\u00e9 juillet \u00e0 <strong>7,22 \u20ac<\/strong> par action. Du 13 mars au 31 juillet, <strong>Merlin<\/strong> a perdu <strong>28,6 %<\/strong> de sa valeur marchande, tandis que <strong>Colonial a perdu 18 %<\/strong> , selon les donn\u00e9es du march\u00e9. Pourtant, depuis d\u00e9but mars, la baisse est de <strong>40 %<\/strong> . En termes de promoteurs, <strong>Neinor Homes<\/strong> a ajout\u00e9 <strong>33%<\/strong> de son cours de bourse sur la m\u00eame p\u00e9riode (cl\u00f4ture juillet \u00e0 <strong>10,16 \u20ac<\/strong> par action). Le cours de l&#39;action <strong>Aedas Homes<\/strong> a augment\u00e9 de pr\u00e8s de <strong>27 %<\/strong> (18 \u20ac par action). La valeur des actions de Metrovacesa est rest\u00e9e pratiquement inchang\u00e9e tout au long de la p\u00e9riode. D\u00e9sormais, ses actions sont cot\u00e9es dans la r\u00e9gion de <strong>5,9 \u20ac<\/strong> (3% de moins qu&#39;avant la d\u00e9claration de l&#39;\u00e9tat d&#39;urgence). Cependant, trois d\u00e9veloppeurs ont \u00e9galement atteint leurs plus bas fonds propres pendant la crise sanitaire : Neinor le 16 mars, Aedas le 18 mars et Metrovacesa le 6 avril. <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> Qu&#39;est-il arriv\u00e9 aux actions de socimis ?<\/h2>\n<p> <strong>Javier Diaz<\/strong> , analyste <strong>chez Ahorro Corporaci\u00f3n<\/strong> , explique: \u00abEn plus de la paralysie des activit\u00e9s, de l&#39;\u00e9conomie et de l&#39;industrie due \u00e0 la crise sanitaire, avec les effets n\u00e9gatifs qui en d\u00e9coulent sur le secteur immobilier, il y a eu des changements importants dans le mode de vie des population qui, dans une plus ou moins grande mesure, ont influenc\u00e9 les tendances dans diff\u00e9rents sous-secteurs. Le travail \u00e0 distance et la croissance du commerce \u00e9lectronique seront des facteurs majeurs de l&#39;\u00e9volution future du secteur. A court terme, nous assisterons \u00e0 la consolidation et \u00e0 la r\u00e9g\u00e9n\u00e9ration des revenus de diff\u00e9rentes soci\u00e9t\u00e9s, dont le niveau d\u00e9pendra de la qualit\u00e9 et de la stabilit\u00e9 de leurs actifs, ainsi que de la solvabilit\u00e9 de leurs locataires et de l&#39;efficacit\u00e9 de la gestion. A cela s&#39;ajoute la baisse de la valeur des actifs, projet\u00e9e pour les mois \u00e0 venir, qui pourrait \u00eatre de l&#39;ordre de <strong>2%<\/strong> dans le cas des bureaux et de la logistique et de <strong>4%<\/strong> \u00e0 <strong>5,5%<\/strong> dans le cas du commerce. Cependant, selon le cabinet de conseil <strong>CBRE<\/strong> , beaucoup d\u00e9pend de l&#39;emplacement. Une stabilisation des prix et de la demande est attendue <a href=\"https:\/\/alegria-realestate.com\/ru\/sale\/new-buildings\">sur le march\u00e9 des constructions neuves<\/a> . Selon les experts de <strong>Solvia<\/strong> , &quot;la raison en est que le produit s&#39;am\u00e9liore \u00e0 chaque fois, et maintenant il s&#39;adapte de la meilleure fa\u00e7on possible aux exigences des propri\u00e9t\u00e9s les plus demand\u00e9es&quot;. Au contraire, les prix sur le march\u00e9 secondaire du logement devraient chuter \u00e0 deux chiffres. <strong>Foro Consultores<\/strong> pr\u00e9voit \u00e9galement un impact limit\u00e9 du coronavirus sur le march\u00e9 du neuf, puisque <strong>90 %<\/strong> des maisons \u00e0 achever cette ann\u00e9e, ainsi qu&#39;une partie de celles qui doivent \u00eatre livr\u00e9es en 2021, ont d\u00e9j\u00e0 \u00e9t\u00e9 vendues. Il n&#39;y a pas de stock invendu de logements neufs, les niveaux d&#39;endettement des promoteurs sont n\u00e9gligeables et les taux d&#39;int\u00e9r\u00eat restent \u00e0 des niveaux historiquement bas. <strong>Juan Jos\u00e9 Fern\u00e1ndez-Figares<\/strong> , responsable de l&#39;analyse chez Link <strong>Securities<\/strong> , rappelle que &quot;les d\u00e9veloppeurs ont longtemps \u00e9t\u00e9 incapables de r\u00e9ussir en bourse en raison de l&#39;\u00e9chec \u00e0 respecter leurs propres plans d&#39;affaires, parfois trop optimistes, ce qui a \u00e9galement contribu\u00e9 au fait que, en termes comparatifs, ils ont mieux r\u00e9sist\u00e9 que les socimis.&quot;<\/p>","protected":false},"excerpt":{"rendered":"<p>Les grands fonds d&#39;investissement immobilier (socimis) et les promoteurs\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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