BROSETA meeting in London brings major funds looking for opportunities in Spain
The interest of international funds to invest in Spain was demonstrated at a Conference organised in London by BROSETA and consultants International Financial Analysts (AFI) and MaC Group.
The event, called “Spain: Time to Invest!“, brought together more than 30 potential investors among funds specialising in the purchase of damaged assets, managers of venture capital and other entities. Among participants were qualified investors such as Canyon Capital, JB Capital Markets, JZ Capital partners, Carlyle, Carlson Capital, Oaktree and JP Morgan, among others.
The meeting was organised in order to analyse the investment opportunities in Spain and to offer a full range of services to potential investors including financial, economic and legal advice that the three organisers deliver in order to carry out such transactions.
The event featured contributions from speakers such Manuel Mingot and Julio Veloso, Partners of BROSETA; Paula Papp and José Manuel Amor, Partners at AFI partners; and Paul Cantos and Grant Greatrex, MaC Group partners.
Experts of BROSETA, Afi and MaC Group explained to potential investors about prospects for the Spanish economy and the banking sector, as well as the keys to the current environment and future prospects in the field of investment in Spanish assets.
For Julio Veloso, “thanks to the current regulation of the SOCIMI – listed real estate investment corporations – such companies become the best existing vehicle for investing in real estate for rental, since they provide liquidity, dealing with listed companies does not have any limitation in terms of their borrowing capacity and they have the attraction for the investor of the obligation to distribute dividends all with a very attractive tax system, since these companies are not taxed for the profit obtained, with members receiving dividends only”.
Meanwhile, Manuel Mingot, “noted that funds of bank assets (FAB) are without a doubt, the best bet of the SAREB in order to maximise the returns on your portfolio in the wholesale market and attract funds and foreign institutional investment, for the whole of the tax benefits, flexibility to group different types of assets (finished housing, land, loans promoter) and the possibility of different funding formulas”. Moreover, in his opinion, “the market expected with anticipation the first record in the CNMV of the FAB’s portfolio of ‘ Project Bull’.” However, SAREB has released in this last quarter two portfolios of additional assets, with the intention of structuring funds of bank assets, which will benefit from the recently approved tax exemptions regime in law 16/2013 of 29 October 2013 which adopted financial and tax measures”.