{"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\/pl\/articles\/property-in-spain\/real-estate-investment-funds-in-spain-and-developers","title":{"rendered":"Hiszpa\u0144skie fundusze inwestycyjne (socimis) trac\u0105 na popularno\u015bci, gdy deweloperzy przybieraj\u0105 na wadze"},"content":{"rendered":"<p>Du\u017ce fundusze inwestycyjne (socimis) i deweloperzy <a href=\"https:\/\/alegria-realestate.com\/ru\/articles\/news\/azora-raised-680-million-at-the-height-of-the-health-crisis\">w r\u00f3\u017cny spos\u00f3b prze\u017cywaj\u0105 kryzys zdrowotny, a nast\u0119pnie kryzys gospodarczy spowodowany koronawirusem<\/a> . Od og\u0142oszenia stanu wyj\u0105tkowego w Hiszpanii, <strong>Merlin<\/strong> i <strong>Colonial<\/strong> , dwa najwi\u0119ksze fundusze inwestycyjne wchodz\u0105ce w sk\u0142ad Ibex 35, straci\u0142y oko\u0142o jednej pi\u0105tej swojej warto\u015bci gie\u0142dowej, podczas gdy deweloperzy Aedas i Neinor Homes odnotowali wzrost o 25% w tym samym okresie . Dane te kontrastuj\u0105 z tym, czego oczekiwali analitycy, kt\u00f3rzy stawiali na dw\u00f3ch gigant\u00f3w krajowego rynku nieruchomo\u015bci ze wzgl\u0119du na ich fundamentalno\u015b\u0107, jako\u015b\u0107 zasob\u00f3w mieszkaniowych i potencja\u0142 generowania zysk\u00f3w. Jednak <strong>covid-19<\/strong> pomiesza\u0142 wszystkie karty. Na przyk\u0142ad akcje <strong>Merlin Properties<\/strong> zacz\u0119\u0142y gwa\u0142townie spada\u0107 od po\u0142owy lutego, spadaj\u0105c <strong>z 13 do 7 euro<\/strong> za akcj\u0119 w nieca\u0142y miesi\u0105c. Do czerwca uda\u0142o im si\u0119 nieco odrobi\u0107 \u2013 <strong>do 8,8 \u20ac<\/strong> , po czym nast\u0105pi\u0142 powr\u00f3t do spadku. W rezultacie do 27 lipca warto\u015b\u0107 akcji funduszu inwestycyjnego spad\u0142a do historycznego minimum od czasu wej\u015bcia do Ibex 35 (grudzie\u0144 2015) \u2013 do <strong>6,52 euro<\/strong> . Firma zamkn\u0119\u0142a lipiec na <strong>6,99 euro<\/strong> . W przypadku <strong>Colonial<\/strong> obserwowana jest podobna sytuacja, gdy\u017c oba fundusze realizowa\u0142y podobn\u0105 strategi\u0119. Odnotowa\u0142a r\u00f3wnie\u017c spadek cen akcji z ponad <strong>13 euro do 7 euro<\/strong> w ci\u0105gu jednego miesi\u0105ca. Potem nast\u0105pi\u0142 niewielki wzrost, po kt\u00f3rym znowu upadek. Jednak do tej pory warto\u015b\u0107 akcji tego funduszu nie spad\u0142a do minimum osi\u0105gni\u0119tego 19 marca &#8211; <strong>6,35 \u20ac<\/strong> (najni\u017cej od czasu wej\u015bcia funduszu na Ibex 35 trzy lata temu). <strong>Colonial<\/strong> zako\u0144czy\u0142 w lipcu <strong>cen\u0119 7,22 euro<\/strong> za akcj\u0119. Wed\u0142ug danych rynkowych, od 13 marca do 31 lipca <strong>Merlin<\/strong> straci\u0142 <strong>28,6%<\/strong> swojej warto\u015bci rynkowej, a <strong>Colonial 18%<\/strong> . Jednak od pocz\u0105tku marca spadek <strong>wyni\u00f3s\u0142 40%<\/strong> . Je\u015bli chodzi o deweloper\u00f3w, <strong>Neinor Homes<\/strong> doda\u0142 <strong>33%<\/strong> swojej warto\u015bci rynkowej w tym samym okresie (lipiec zamkn\u0105\u0142 si\u0119 cen\u0105 <strong>10,16 euro<\/strong> za akcj\u0119). Cena akcji <strong>Aedas Homes<\/strong> wzros\u0142a o prawie <strong>27%<\/strong> (18 euro za akcj\u0119). Warto\u015b\u0107 akcji Metrovacesa pozosta\u0142a praktycznie niezmieniona przez ca\u0142y okres. Teraz jej akcje notowane s\u0105 w okolicach <strong>5,9 euro<\/strong> (o 3% mniej ni\u017c przed og\u0142oszeniem stanu wyj\u0105tkowego). Jednak trzech deweloper\u00f3w r\u00f3wnie\u017c osi\u0105gn\u0119\u0142o najni\u017csz\u0105 warto\u015b\u0107 kapita\u0142ow\u0105 podczas kryzysu zdrowotnego: Neinor 16 marca, Aedas 18 marca i Metrovacesa 6 kwietnia. <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 si\u0119 sta\u0142o z akcjami socimis?<\/h2>\n<p> <strong>Javier Diaz<\/strong> , analityk <strong>Ahorro Corporaci\u00f3n<\/strong> , wyja\u015bnia: \u201eOpr\u00f3cz parali\u017cu dzia\u0142alno\u015bci, gospodarki i przemys\u0142u spowodowanego kryzysem zdrowotnym, z p\u00f3\u017aniejszymi negatywnymi skutkami dla sektora nieruchomo\u015bci, nast\u0105pi\u0142y znacz\u0105ce zmiany w stylu \u017cycia populacja, kt\u00f3ra w wi\u0119kszym lub mniejszym stopniu wp\u0142yn\u0119\u0142a na trendy w r\u00f3\u017cnych podsektorach . Praca zdalna i rozw\u00f3j handlu elektronicznego b\u0119d\u0105 g\u0142\u00f3wnymi czynnikami przysz\u0142ej ewolucji sektora. W kr\u00f3tkim okresie zobaczymy konsolidacj\u0119 i regeneracj\u0119 przychod\u00f3w r\u00f3\u017cnych firm, kt\u00f3rych poziom b\u0119dzie zale\u017ca\u0142 od jako\u015bci i stabilno\u015bci ich aktyw\u00f3w, a tak\u017ce wyp\u0142acalno\u015bci ich najemc\u00f3w i efektywno\u015bci zarz\u0105dzania.\u201d Do tego nale\u017cy doda\u0107 przewidywany na najbli\u017csze miesi\u0105ce spadek warto\u015bci aktyw\u00f3w, kt\u00f3ry mo\u017ce wynie\u015b\u0107 oko\u0142o <strong>2%<\/strong> w przypadku biur i logistyki oraz z <strong>4%<\/strong> do <strong>5,5%<\/strong> w przypadku segmentu detalicznego. Jednak zdaniem firmy doradczej <strong>CBRE<\/strong> wiele zale\u017cy od lokalizacji. Oczekuje si\u0119, \u017ce <a href=\"https:\/\/alegria-realestate.com\/ru\/sale\/new-buildings\">rynek nowych budynk\u00f3w<\/a> ustabilizuje ceny i popyt. Wed\u0142ug ekspert\u00f3w <strong>Solvii<\/strong> \u201epowodem tego jest to, \u017ce produkt jest coraz lepszy, a teraz w najlepszy mo\u017cliwy spos\u00f3b dostosowuje si\u0119 do wymaga\u0144 w\u0142a\u015bciwo\u015bci, na kt\u00f3re jest najwi\u0119ksze zapotrzebowanie\u201d. Wr\u0119cz przeciwnie, na wt\u00f3rnym rynku mieszkaniowym oczekuje si\u0119, \u017ce ceny spadn\u0105 dwucyfrowo. <strong>Foro Consultores<\/strong> przewiduje r\u00f3wnie\u017c ograniczony wp\u0142yw koronawirusa na rynek nowych dom\u00f3w, poniewa\u017c <strong>90%<\/strong> dom\u00f3w, kt\u00f3re maj\u0105 zosta\u0107 uko\u0144czone w tym roku, a tak\u017ce niekt\u00f3re z tych, kt\u00f3re maj\u0105 zosta\u0107 oddane do u\u017cytku w 2021 roku, zosta\u0142y ju\u017c sprzedane. Nie ma niesprzedanych zasob\u00f3w nowych mieszka\u0144, poziom zad\u0142u\u017cenia deweloper\u00f3w jest znikomy, a stopy procentowe utrzymuj\u0105 si\u0119 na rekordowo niskich poziomach. <strong>Juan Jos\u00e9 Fern\u00e1ndez-Figares<\/strong> , szef analityk\u00f3w w Link <strong>Securities<\/strong> , przypomina, \u017ce \u201edeweloperzy od dawna nie s\u0105 w stanie dobrze radzi\u0107 sobie na gie\u0142dzie ze wzgl\u0119du na niewykonanie w\u0142asnych plan\u00f3w biznesowych, czasem zbyt optymistycznych, co r\u00f3wnie\u017c przyczyni\u0142o si\u0119 do tego, \u017ce , w kategoriach por\u00f3wnawczych, przetrwali lepiej ni\u017c socimis\u201d.<\/p>","protected":false},"excerpt":{"rendered":"<p>Du\u017ce fundusze inwestycyjne (socimis) i deweloperzy w r\u00f3\u017cny spos\u00f3b\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 v28.5 - 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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