31 October 2017
The hotel and tourist apartment socimi Elaia will be listed on the Alternative Stock Market (MAB) this Thursday, November 2, at 10.55 euros per share, a price that values the company at 119.1 million euros.
The Coordination and Incorporation Committee of the Alternative Stock Market (MAB) has sent the Board of Directors a favourable evaluation report on compliance with the incorporation requirements of the company ELAIA INVESTMENT SPAIN SOCIMI; after all the submitted documentation was studied.
The company will trade under the code “YEIS”, and its contracting will be done through the “fixing” pricing system. Renta 4 Corporate is the Registered Advisor and Renta 4 Banco will act as a Liquidity Provider.
Previously called Eurosic, it has a portfolio composed of two residential buildings located in the centre of Madrid, as well as five tourist apartment buildings, in which it has Pierre & Vacances as its partner, and five hotels, all of them spread over Gerona, Málaga, Barcelona and Mallorca.
Controlled by the French group Batipart, it invested a total of 145 million euros in the assets. The company also includes Euler Hermès, with 13.8%, and Allianz Invest, with another 9.21%.
Currently, it is performing rehabilitation works on the two buildings in Madrid. Both are nineteenth-century buildings, located in the centre of the capital (Bailén and Atocha streets, respectively). The socimi will invest almost 15 million euros on the renovations, and the associated flats will be subsequently placed in the rental market.
With Elaia’s foray into the stock market, the firm is seeking to increase its capacity to attract resources within a strategy focused on the search for new opportunities for development and long-term cooperation with hotel operators.
Specifically, the socimi’s growth policy focuses on acquiring new assets in coastal areas “with a high potential for appreciation” through a strategy of “repositioning and comprehensive reform” of the assets.
At the end of last June, Elaia held a gross financial debt of 43.7 million euros, according to the information the firm provided to the MAB.
Original Story: Inmodiario
Translation: Richard Turner