- This topic has 12 replies, 6 voices, and was last updated 11 years, 3 months ago by
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La Caixa, the Barcelona based bank, has postponed the sale of 12,000 of its properties due to the discounts demanded by investors.
La Caixa’s real estate arm, ServiHabitat, expects to make 1,5 billion euros out of the sale of the 12,000 units which make up 51% of its total housing stock. The bank would rather sell for a higher price at a later date than sell now for what it sees as a poor return.
La Caixa did not divulge exactly how much had been offered for the portfolio but said that the offers that were made were well below 1.5 billion euros.
The portfolio includes prime real estate in Madrid, Barcelona and other regional capitals. These are the type of properties that could benefit from even the most tentative recovery in the Spanish housing market and this is seen as being one of the principal factors behind the decision to postpone the sale.
A branch of La Caixa in Spain -
(Reuters) – Spain’s La Caixa has postponed the planned sale of a portfolio of 12,000 homes, two sources familiar with the deal said, in a sign Spanish banks are still reluctant to cut prices on property assets even after big writedowns.
The Caixa sale fell down on price, the sources said. The bank had hoped to fetch around 1.5 billion euros ($2 billion) for the portfolio.
http://www.reuters.com/article/2013/06/19/spain-caixa-property-idUSL5N0EV3VZ20130619
This is bad news. By refusing to accept the losses that are inevitable, the banks are just dragging out the agony and making it more expensive in the long run. La Caixa will now have to sell them for less somewhere down the line, having spent a fortune maintaing them in the meantime. Smart move!¡
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@The Australian wrote:
after seeing the HQ building of Bankia and now of La Caixa, I seriously question where the architects went to study.
I visited the Santander Campus outside Madrid a couple of weeks ago – that’s quite impressive – completely different style though (it’s got an 18 hole golf course in the middle for a start!)
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@mark wrote:
Did you get on one of the little shuttle buses that ferry you around?
We were taken around in a coach, but I saw those little red …. er … “robots” (well they looked like futuristic hoovers)
Apparently if you tell them where you want to go, they will lead you there. Except I didn’t know the names of the places on the campus, so I couldn’t ask them.
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” La Caixa will now have to sell them for less somewhere down the line, having spent a fortune maintaing them in the meantime “
They do not maintain them. Just have to go around some of the blocks to see the state. The buyer & at whatever price they buy has to spend a lot of money bringing these building up to scratch at fact that Banks try not to consider. In addition the maintenance cost for the existing owners will increase and try to collect this cost from them will be an uphill task while the block will continue gaining momentum in its state of disrepair.
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