Due to dollar debts, large real estate developers are in crisis – 05/02/2019

Carlos de Narvaez waited in silence and solitude as the judicial fair ends. He appeared at eight o'clock Friday in court and called for the bankruptcy of his company, which, by the size of its debt, has already become the biggest in recent years. After, He left for Miami. Its developer Ribera is the one who raised the imposing Al Rio complex to Vicente López and owes a figure about $ 300 million. There are banks, companies, private investors and committed insurers. The impact is of such magnitude that it was learned yesterday that another developer was in trouble.

Far from competing and declaring the defect, TGLT, negotiated with the holders of an ON for 150 million USD postpone the payment of your interest for the next 15 years and the possibility of converting this debt into shares of the company. Until now, he got 66% membership to convert it into shares and 76% to defer interest.

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TGLT was born from the hand of Federico Weil and grew to acquire the construction company Caputo, the family of the friend of the presidential soul, with whom he merged. Weil left the company that curiously under the leadership of former CEO of Caputo, Teodoro Argerich. In the middle, there are more changes of hands, such as the colossal project on Callao Avenue in areas that belonged to the American cinema, Falabella and the individual owners who were Marcos Juejati and TGLT and who had rented among others the university from San Andrés. . Federico Tomasevich, owner of Puente, has just acquired thousands of square meters, as well as other valuable badets of TGLT.

In this environment, they slip that there is no one responsible for what happens to them and attribute the problem to the devaluation and the crisis of companies in debt in dollars. Some people raise their hands and point out that such things do not work. "There is a real estate bubble. Everything is overvalued at 40% when there is no credit. The high-end market is in intensive therapy, "says Fernando Cinalli of S + R, in the private neighborhoods of Pilar and Chapelco.

Others blame the lack of foresight. By the way, in the case of the Narváez developer, almost all the debts of HSBC, Hipotecario, Itaú and Patagonia are secured by mortgages. Y others, such as the 50 million US dollars paid by Edenor for multiple floors a tower that has never risen are insured in a surety insurance company.

As for Carlos de Narváez, brother of Francisco with whom he has separated, his itinerary of the last months is striking. When the problems started, he turned to Alegría and Miguel Arrigoni of First Capital. They sent him several proposals to save the situation. Among them, that of Gustavo Menayed, CEO of Portland with whom he had already signed a letter of intent on 60% of his badets. But suddenly he refused. Some say that one of their problems is that they could not move to the hyper Carrefour, located in the Al Rio complex. At the invitation of Narváez he left the studio Alegría who discovered by the court of the decision. At that time, I had a new lawyer, Grispo studio and a negotiator, Rubén Frávega, brother of Juan Carlos, former head of Banco Nación.