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Pictures
Presentation: Anàlisi de l'endeutament en el mercat immobiliari espanyol
Presentation Lluís Conde: El sector financer com a motor del sector immobiliari
Presentation Luís Basagoiti: Estrategias en el sector inmobiliario
Presentation Ángel de Frutos: Capacidad del sistema hipotecario para garantizar la sostenibilidad del sector
Presentation Alberto Alvaro: Estrategias corporativas en el sector inmobiliario
Presentation: Real Estate Risk Return Analysis
Salvador Grané, President of the ESADE Real Estate Club, welcomed the audience. He gave a brief history of the Club, which was founded in 1999, and explained why it meets once a year for an annual conference: 'The real estate industry needs to be brought up to date, and our 300 members need to remain informed'. Mr. Grané explained that this year's conference aimed to explore the links between the financial sector and the real estate industry, 'the former being the driving force behind the latter'.
The first presentation, which was introduced by Lluís Conde, Director of Financing for Development Companies at "la Caixa", and moderated by Eduard Mendiluce, Deputy Director of the Presidency for Real Estate Development at Port Aventura, S.A., focused on the residential sector and the mortgage system's ability to guarantee the sustainability of the industry.
Mr. Mendiluce explained that the financial system, as a credit provider, has accepted interest rates, deadlines and coverage conditions that are better than average for Europe. The increase in assets, which is much greater than the increase in liabilities, has forced credit institutions to issue more mortgage assets.
Mr. Conde pointed out four key aspects of the current situation in the real estate market: a slowdown in sales, a stabilisation and drop in prices, an increase in interest rates, and the current diversification of the sector. Mr. Mendiluce concluded by noting that the financial system has always supported the real estate system.
The special guest of the conference, Luis Basagoiti, President of Mapfre Inmuebles, then took the floor to explain that real estate companies have grown throughout the country, which is increasingly developed. The real estate sector needs to develop new products, he said, and the companies need to expand into other countries. 'They need to study the demand', said Mr. Basagoiti.
The last speaker, Ángel de Frutos, Regional Financial Director for Real Estate Business at Banc Sabadell, explained that we need more research on demand in order to truly understand the market. After several years of strong growth, Mr. Frutos concluded, prices are undergoing a continuous deceleration with a trend towards normalisation. At the same time, 'we need to see more specialisation on the part of development companies and financial institutions', he said.
The second presentation, entitled 'Corporate Transactions in the Real Estate Industry Supported by the Capacity of the Financial Sector', focused on the real estate industry. It was given by Javier Sierra, Head of Corporates, Spain and Portugal, Global Banking and Markets, Royal Bank of Scotland; Ramón Camiña, Executive Director, Real Estate Banking Group, Goldman Sachs; Carmina Ganyet, Financial Director, Inmobiliaria Colonial; and Alberto Álvaro, Director of Corporate Finance, CB Richard Ellis Spain. The moderator, Enrique Martínez Laguna, board member and General Manager at CB Richard Ellis Barcelona and member of the Executive Committee of the ESADE Alumni Real Estate Club, introduced the presentation. He noted that the real estate industry was undergoing major changes and ups and downs and was suffering a 'crisis of confidence'.
Mr. Sierra joked that the financial sector now acts as the 'motor', whereas it used to be the 'owner of the racing team'. He added that the real estate sector is largely domestic, which means that from a financial perspective it is highly specialised.
Mr. Camiña noted that insurance companies have increased their involvement in real estate and that, in 2006, rental income increased sharply in Spain, reaching a total of 60 million euros.
Mr. Álvaro explained that listed real estate companies represent 5% of the total sector in Spain, whereas they account for up to 40% in countries such as the United Kingdom. He added that Spanish real estate companies currently account for 2.5% of the share price of the Ibex 35 companies.
Finally, Ms. Ganyet discussed a case study that illustrated how the financial sector acts as the driving force behind the real estate industry.
Programme:
This year, the Annual Conference of the Real Estate Club will focus on 'The financial sector as the driving force behind the real estate industry'. At the conference, three speakers will provide an overview of the financial and real estate systems in Spain.
9.15 am Welcome and introduction
Salvador Grané*, President ESADE Alumni Real Estate Club.
9.30 am Lecture:
"Analysis of Debt in the Spanish Real Estate Market"
Eduard Mendiluce*, Assistant Director of the Presidencia-Desarrollo Inmobiliario of Port Aventura.
10.00 am Lecture:
"Residential Real Estate and the Mortgage System's Ability to Guarantee Sustainability"
Introduction:
Lluis Conde, Director of Financing for Development Companies, "la Caixa"
Debate:
Luis Basagoiti, president of Mapfre Inmuebles
Ana Ribalta, Director of Real Estate Business, Business Banking, Banc Sabadell
Ángel de Frutos, Regional Director of Real Estate Business, Banc Sabadell
Lluis Conde, Director of Financing for Development Companies, "la Caixa"
Moderator:
Eduard Mendiluce*, Assistant Director of the Presidencia-Desarrollo Inmobiliario of Port Aventura
11.30 am Coffee break
12.00 pm Lecture:
"Corporate Real Estate Transactions Supported by the Capacity of the Spanish Financial System"
Debate:
Javier Sierra, Head of Corporates, Spain and Portugal, Global Banking and Markets, Royal Bank of Scotland
Ramon Camiña, Executive Director of the Real Estate Banking Group, Goldman Sachs
Carmina Ganyet*, Financial Director, Inmobiliaria Colonial
Alberto Alvaro, Director Corporate Finance of CB Richard Ellis España
Moderator:
Enrique Martínez Laguna*, Managing-Director of CB Richard Ellis España
1.30 pm Closing
* Executive Committee Member, ESADE Alumni Real Estate Club.
Date, time and venue:
Thursday, 17th May 2007
9.00 am
ESADE - ESADEFORUM
Av. Pedralbes, 60-62, Barcelona
Price
Alumni Association members: 100 euros
Alumni (non-members): 120 euros
For more information:
ESADE Alumni
Tel: 902 420 020
Sponsored by:
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