21 March 2017 – Expansión
Albirana, the rental housing Socimi controlled by investment funds advised by Blackstone, will start to trade on the Alternative Investment Market (MAB) on 22 March at €33.60 per share, a price that values the company at €168 million, according to the BME.
The company, in turn, owns three Socimi subsidiaries that manage a portfolio of 5,004 properties – mainly homes for rent – located primarily in Madrid and Barcelona.
They also have properties for rent in other cities such as Tarragona, Valencia, Girona, Zaragoza, Logroño, Vitoria, Mérida and Cuenca.
The assets have a combined surface area of around 400,000 m2 and 68% of them are currently leased out, according to sources at Anticipa, which will be responsible for managing the Socimi. In fact, Anticipa already manages the three subsidiaries that comprise Albirana, given that it handles Blackstone’s investments in Spain.
Specifically, Albirana controls the Socimi Budmac Investment, which channels 3,039 homes for rent in the province of Barcelona, as well as Lambeo Investment, which owns 377 flats in Madrid, and Treaman Investment, which manages the 1,588 homes across the rest of the country.
The company’s strategy focuses on managing this portfolio of homes to “maximise returns for shareholders”, however, it is “open to analysing any possible investment or divestment opportunities in the market”, according to information provided in its IPO leaflet.
Albirana is chaired by Anticipa in the form of its CEO since 2014, Eduardo Mendiluce Fradera, a professional with more than twenty years of experience in the real estate and financial sectors.
Mendiluce also chairs Esade Alumni Inmobiliario and is a member of theExecutive Committee at the Urban Land Institute in Barcelona.
The new Socimi is the thirty-second entity of its kind to debut on the MAB, where it will trade under the ticker ‘YAPS’. Its shares will be traded through the price fixing system.
Original story: Expansión
Translation: Carmel Drake