Axia Debuts on the Stock With a €360 Mln IPO

9/07/2014 – Cinco Dias

Axia Real Estate starts to trade today. The Socimi (a Spanish REIT) becomes the seventh to be listed in the stock exchange market after having trimmed the original IPO planned at €400 million down to €360 million.

The newly floated vehicle issued 36 million shares to trade at the price of 10 Euros a share. Directed by ex-executive of Alza Real Estate, Luis López de Herrera Oria, Axia will intend the raised funds for offices (70%), logistics hubs (20%) and shopping malls (10%) situated in the prime areas in Madrid and Barcelona.

The Socimi has gathered €115 million (11.5 million) in commited funds from such anchor investors as Taube Hodson Stonex, funds associated with T. Rowe Price International and T. Rowe Price Associates, Gruss Capital and Pelham Capital. Citigroup and JB Capital Markets handle the flotation.

According to the issue prospectus, annual turnover from the Socimi´s investment is predicted to reach 15%.

Axia´s debut is the fourth listing of a REIT this year, after the earlier great flotations of Lar España Real Estate, Hispania Activos Inmobiliarios and Merlin Properties. In turn on the MAB (Spain´s Alternative Bourse) trade Entrecampos, Mercal and Promorent.


Original article: Cinco Días

Translation: AURA REE