In a important business adn stock market maneuver, the Argos Group and sura Group have finalized a new shareholding composition, with pension funds now holding the majority stake in both conglomerates. Analysts have largely viewed this restructuring as a positive progress.

Yovanny Conde, co-founder of Finxard, explained, “The shareholding structure of Grupo Argos and Grupo Sura was reorganized, becoming much clearer. Now, AFPs are the main shareholders of each company.”

Within the Argos Group, the top shareholders are Protection (10.84%), Porvenir (9.12%), and the Ishares MSCI Colcap stock fund (6.07%). amalfi Sas (5.71%) and Colfondos (3.24%) complete the top five.

The Sura Group‘s shareholder structure is led by Protection (11.5%), ISHARES MSCI COLCAP (6.2%), and Porvenir (6%). The Grupo Argos Foundation (3.4%) and Colfondos (3%) round out the top five.

It’s crucial to note that these initial compositions reflect the moderate funds managed by each AFP. However, Conde cautioned that legal restrictions prevent these companies from holding more than a 10% stake in any single company.

“As the sum of the funds administered by some AFPs exceeds that limit, they will be obliged to reduce their participation,” Conde stated. “Although this situation has no precedent, it is likely that both the AFPs, the Superfinanciera, and the companies involved have already contemplated this scenario and may have even defined a solution that benefits all parties.”

What’s Next After the Split?

Juan Pablo Vieira, CEO of JP Tactical Trading, commented on the post-operation strategy. Grupo Sura is expected to concentrate on its role as a financial services holding company, similar to entities like South American or Sura Asset Management.

Meanwhile, the Argos Group will maintain its focus on infrastructure, encompassing cement, energy, and concessions. “A new company called Grupo Argos Inversiones SAS was split off, to which the Nutresa and Grupo Sura Group and Grupo [Argos] were transferred. Grupo Argos shareholders also received shares in the new company in equivalent proportion,” Vieira added.

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Carulla Celebrates 120 Years, Highlighting Growth and Conversion

carulla, one of America’s oldest retail chains, is celebrating its 120th anniversary, marking a notable milestone in its long history. During a recent conversation,Carlos Calleja,president of Grupo Éxito,and Carlos Mario Giraldo,general manager of Grupo Éxito,reflected on the company’s advancements and transformations.

“As a company, we are full of gratitude,” Calleja stated. “what 120 years implies is arduous to measure in words. Carulla is one of the oldest retailers in America. Without suppliers, we cannot survive.”

Giraldo detailed the company’s strategic initiatives, noting the implementation of approximately 37% assorted products within Carulla stores. He also highlighted an increase of 60 more assortments and 2,500 products, strengthening the personal care and toiletries categories.

To support customer savings,Giraldo mentioned ongoing promotions,including a 30% discount on “inaccuing” products,primarily featuring popular Colombian brands,which change every two months.

Looking ahead, calleja indicated plans for expansion into more cities in the coming years, emphasizing that the company is on the right track for future growth.

Giraldo further elaborated on the strategic direction of Grupo Éxito, explaining that nearly 500 stores within the institution are undergoing a transformation.Larger format stores are being converted to the Éxito brand,while supermarkets under 2,000 square meters are migrating to the Carulla brand.

He reported that 41 stores have already been transformed, with 26 of those becoming Carulla locations. “Carulla today already has 135 warehouses, and this year seven more transformations come to Carulla, we will end with 142,” Giraldo said. “In the next three years, there are more than 100 opportunities for transformation to Carulla.”

The company also emphasized its commitment to local sourcing and employment. Ninety-three percent of the fruits and vegetables sold in Carulla stores are purchased from local producers. Additionally, 95% of its own clothing brands are manufactured in colombia, contributing to job creation.

“Today, we want to commemorate a story, but we also want to project a future: one in which Carulla remains synonymous with closeness, service, quality, and variety,” Giraldo concluded. “We will continue working to serve our clients, reaffirming our commitment to continue growing together with them, taking our value proposition forward.”

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US Commercial Real Estate Credit Faces Rising Delinquency Rates

Mounting indebtedness costs and the persistent shift towards remote work are intensifying pressure on United States commercial real estate credit, leaving lenders increasingly vulnerable to potential losses. Delinquency rates are surging, reaching levels not seen in a decade, signaling potential instability in the sector.

Delinquency Rates Hit Decade High

According to Green Street, while the rate of increase has moderated, money continues to increase. Data from MSCI Real Capital Analytics reveals a important 23% surge in delinquency, exceeding US $116 billion by the end of March compared to the previous year. This marks the highest delinquency rate in over a decade, raising concerns about the health of commercial real estate portfolios.

did You Know? The delinquency and default rate of commercial real estate portfolios reached its highest level as 2014 earlier this year, according to a report by the Federal Deposit Insurance Corporation (FDIC).

Warnings of a Looming “problem Tsunami”

Strategic Value Partners LLC’s Victor Khosla and other investors have cautioned that impending debt maturities could trigger a “problem tsunami,” particularly impacting US office properties. The FDIC’s recent report highlights multifamily properties as a growing source of concern, with delinquency and default rates reaching their highest levels as 2014.Some loans are so far past due that banks have ceased accruing interest, doubting their eventual recovery.

Political Uncertainty and Market Slowdown

Political uncertainty is further dampening activity in the commercial real estate market. The federal Reserve’s May Beige Book survey indicates that companies are delaying decisions, with some reserve banks noting that warehouse demand has been affected by potential tariff impacts.

Harsh Hemni,a senior analyst at Green Street,suggests that the proposed revenge tax under Section 899 of President Donald Trump’s Tax and Expenses Bill could further deter foreign investors,negatively impacting American real estate credit entities. Deutsche PfandbriefBank AG, a German commercial property credit entity, recently announced its withdrawal from the US market, planning to liquidate or sell its €4.1 billion (US $4.7 billion) portfolio,anticipating losses due to this decision.

Pro Tip: Keep a close eye on policy changes and their potential impact on foreign investment in US commercial real estate.

Lenders Respond with Caution

Direct lenders are raising more capital to invest in commercial real estate, a trend that warrants caution. The Financial Stability Council warned that parallel lending in the sector could amplify and transmit disturbances to banks. Some traditional US lenders are opting to postpone loan payments rather than acknowledge deterioration,contributing to the growing commercial real estate debt wall,according to the association of Mortgage Bankers.

Unrealized Losses Add to the Pressure

Traditional lenders also face challenges from substantial unrealized losses in their securities portfolios. The FDIC reported that these losses exceed US $410 billion. Lawrence white of the Stern Business school at the University of new York suggests that unrealized losses in bank mortgage portfolios are likely as large or larger than those in securities portfolios, indicating a similar source of potential problems in the commercial real estate sector.

Key Metrics: US Commercial Real Estate Delinquency

The Future of Commercial Real Estate

The confluence of rising interest rates, evolving work patterns, and political uncertainties paints a complex picture for the US commercial real estate market. Monitoring delinquency rates, lender strategies, and policy changes will be crucial for understanding the sector’s trajectory.

Disclaimer: This article provides general details and should not be considered financial advice. Consult with a qualified professional before making any investment decisions.

What strategies do you think lenders should employ to navigate the current commercial real estate climate? How will remote work continue to shape the demand for office spaces?

Share your thoughts and insights in the comments below!