During his remarks, Pontegadea‘s first executive considered “the excess of liquidity” somewhat inconvenient as also the investment dominating the last few years in real estate in search of profitability which could not be found in other products given the low interest rates. "An excess of liquidity is not good for any market and in that of real estate this has been the case in recent years", added the managing director of Pontegadea.
On the other hand, Cibeira stated that Pontegadea has been seeking new opportunities in investment and the purchase of property in the new markets where it has a presence. "We are active investors", he said. In this way, Pontegadea intends to continue to add to its portfolio of assets, after, throughout 2016, closing projects in several countries for more than 1,000 million euros. Just one of them, the acquisition of one of the four towers of the Paseo de la Castellana de Madrid, leased to Cepsa, involved almost 500 million.
The managing director of Pontegadea considers it to be, however, "difficult" for the company to embark on new projects. "We are in nine countries and our eyes are on those”, indicated the company’s first executive, speaking of where it is present – the USA, United Kingdom, Mexico, France, Canada, Italy, Portugal, South Korea and Spain.
In respect of the Spanish market, where the firm of Amancio Ortega has a stand out presence in office buildings, one of the most remarkable being the Torre Picasso de Madrid, and also commercial establishments, the real estate company considers that there is currently a scarcity of product in which to invest, equal to other countries. "As a result demand is high, there is much liquidity in the market and supply is small ", indicated Cibeira.
Photo: Markets Morning