A new Socimi, Silvercode Investments, owner of the majority of the Castellana 200 Complex (pictured above), will make its debut today on the Alternative Investment Market (MAB) at a price of €1.11 per share, valuing the whole company at around €80.3 million.
The company will thus become the sixteenth Socimi to join the market, according to a statement issued by the Spanish Stock Exchanges and Markets (BME).
Silvercode owns the majority of the Castellana 200 Complex, located in Madrid’s main financial district. The site comprises two office buildings, one shopping centre, four floors of underground parking and a project under development.
The company will list through the price fixing system. Renta 4 Corporate is the registered advisor and Banco Sabadell is acting as the liquidity provider.
The initial share price has been adopted taking into consideration the findings of a report performed by independent valuation experts, Ernst & Young Servicios Corporativos.
The company has signed a contract with Drago for the management of the Castellana 200 Complex.
The shopping centre, located on Paseo de la Castellana, used to be one of the jewels in the crown of Reyal Urbis, before that firm filed for bankruptcy. The centre opened its doors to the public in April 2013, with 19 stores as well as common areas.
In 2009, a project was started to construct a five-star hotel in the building. Nevertheless, the construction work was never finished due to financing problems.
Silvercode currently owns 52.18% of the property under development, whilst the remaining 47.82% is still owned by Reyal Urbis.
In May 2014, Java International, a company domiciled in Luxembourg, acquired 100% of Silvercode Investments’ share capital.
Original story: La Vanguardia
Translation: Carmel Drake
Translation/Summary: Carmel Drake