The crisis and credit restrictions are forcing land, to very high margins but are highly leveraged, to cluster in the image of the announced merger Icade (CDC) and Silic (Groupama) under the auspices of the State, prompting criticism from professionals
"The concentration of industry professionals that spoke earlier this year is beginning to be realized," told AFP Frederic Caumon, equity analyst at Deutsche Bank
The land, with a tax status of listed real estate investment companies (SIIC) very favorable indeed have an incredible operating margin of 83%, but the financial burden is very important as they are developed through a highly leveraged
"For the land, there are many different problemsFirst, since the beginning of October, the bank financing are limited, which poses particular problems for small land that have significant refinancing to provide, "said MCaumon
The typical example is Foncière Paris France, which has only 700 million of real estate assets, for which the Financial Markets Authority (AMF) said "complete" Tuesday the tender offer (OPA) hostile Hotels Roissy in Paris Vaugirard (PHRV), a subsidiary of the insurers Allianz and Covea
CEO Jean-Paul Dumortier regrets the timing of the takeover, which occurs in a storm market, reflecting, he says, his "highly opportunistic" and allows the offeror to offer only 110 euros per share while it considers the minimum price "decent" to 117 euros
"More banks and insurance companies are required to meet the standards of Basel 3, Solvency 2," notes MCaumon"The State to maneuver" Forced by his financial situation, the mutual insurer Groupama resolved to merge its subsidiary Icade Silic in which the Deposit will hold majority stakeThe new company will be the first land in business parks and office buildings with a heritage of more than 9 billion euros
"The state was to maneuver through its armed wing, the CDCIt is not normal that the market has been kept out of the operation, while several other land could be interested in Silic, "sorry to AFP a high response of a land which held to keep the anonymity
The bank BNP Paribas could also give 15% to 20% of 51% interest in Klépierre, which pouurait attract sovereign wealth funds or Unibail-Rodamco, Europe's leading commercial real estate, according to several industry experts
There remains the problem "of the principal shareholders of Gecina and SFL, which are partly of Spanish banks, which by pushing their problems were later created a structural tension on their assets," said MCaumonThe current crisis also encourages land diversification:
it no longer content just to buy offices, shops, homes and health students whose profitability could one day fall
The Competition Authority has thus give the green light without conditions to the takeover of e-commerce site Rue du Commerce by Altarea-Cogedim, specializing in shopping centers
"There is an awareness of the industry that selling online is a long-term competitor to shopping malls where attendance is not good for the moment," said MCaumon
By Christian CHARCOSSEY |
