La venta por parte de los bancos de grandes carteras de activos inmobiliarios para llevar a cero su exposición al ladrillo ha supuesto un cambio de tendencia en el mercado cuyo principal damnificado es la sociedad que preside Jaime Echegoyen, que ha visto cómo se han ralentizado sus planes de desinversión.
Los acuerdos que han alcanzado últimamente los bancos para llevar prácticamente a cero su exposición al ladrillo han supuesto un cambio de tendencia en el mercado inmobiliario cuyo principal damnificado es la Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria (Sareb), que ha visto cómo se han ralentizado sus planes de desinversión.
En el último año, los principales bancos del país (Banco Santander, BBVA, Caixabank o Banco Sabadell), han cerrado la venta de mega carteras -de varios miles de millones de euros- de activos ligados al sector inmobiliario cuyos compradores suelen ser los grandes fondos de inversión internacionales, como Blackstone, Cerberus o Lone Star.
Esta situación, en un principio, es positiva para Sareb, porque activa el mercado y atrae inversores. El problema es que estos fondos de inversión exigen unos descuentos, que oscilan entre el 57% y el 67%, para quedarse con las carteras a los que la sociedad que preside Jaime Echegoyen no puede hacer frente.
No puede porque una transacción de semejante envergadura con tal descuento consumiría el limitado capital de Sareb. «El mercado ha cambiado, no podemos asumir los descuentos que hacen los bancos», reconoce un directivo de la sociedad. «Sería una operación que te reduce el balance de tal forma que desapareces», agrega.
Esto sucede porque la Sareb heredó los activos de las cajas con problemas a un precio elevado. Y a pesar de las provisiones que ha ido realizando desde 2012 siguen sobrevalorados frente a los del sector financiero. La gran diferencia es que los bancos han podido conseguir capital en el mercado para elevar las coberturas, mientras que Sareb tiene cerrada esta vía. (…)
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