Acciona, FCC and the Port of Barcelona will have to wait to sell the office complex World Trade Center Barcelona, according to sources in the real estate sector advance of the Catalan capital. The reason: they had to extend the submission of tenders until the middle of next January, instead of closing the sale this December 31, as buyers wanted initially.
The reason for having extended the deadline for submission of tenders is that they have been until now exceed one hundred million euros, but fail, and in fact are far away from the 150 million expected by three owners.
The World Trade Center (WTC) is one of the leading hotel and office complex in the Catalan capital. In total, including 40,000 square meters of offices, plus another 4,500 square feet of meeting rooms, parking spaces 900 and a five star hotel with 291 rooms, owned by Testa, run by the Hotusa chain which is not included in the sale transaction.
The Port Authority of Barcelona -the Port of Barcelona is the largest shareholder of the company, with 52% and the remaining shares is completed FCC, with 16.51%; and Trasmediterránea, owned by Acciona, which also controls another 16.51%. Complement the capital, Banco Santander, with 9.99%, and ACS, with 4.71%. Exercise of minority shareholders.
The low level of bids because it is a concession that expires in 2052, that is, we are living 38 years. With each passing year the asset is less, until the end of the period the value reaches zero, which hinders the transaction. That is, investors have easy entry exit but more complicated.
The sale of public concessions in the case of property is always complicated. Recently the Zona Franca Consortium came off the Telefónica Tower in Barcelona in an operation 107 million, and to perform the operation first had to cancel the concession of the property with the city of Barcelona.
Sale design
The sale of WTC you are designing Deloitte is designed for international investment funds. It is precisely this type of investors who have put more objections to legal formulas as granting, in the case of this office complex not be modified.
Have the Acciona, FCC and ACS which have pressured to sell the WTC construction. Against their interests without the approval of the Port of Barcelona, the construction of Entrecanales, Esther Koplowitz and Florentino Pérez, need cash for different reasons, could not carry out the transaction.
Different situation
Instead, the port entity unhurried lives. The Port of Barcelona, chaired by a personal friend of the Catalan President Artur Mas, the converging Sixte Cambra, won in 2013 a total of 74 million. And next year will have more surplus by accident compensation Moll Prat.
For construction, the WTC is an asset that is at the time that the sale would maximize the yield curve. But as always happens in economics, which is good for the seller is bad for the future buyer.
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