11 May 2015 – Cinco Días
Acciona is studying the possible floatation of a listed real estate investment company (Socimi), which would incorporate the company’s rental properties.
That is what the Management team said on Friday during the presentation of the company’s results for the first quarter of the year, a period in which the real estate division of Acciona saw its turnover decrease by 67% to €9 million.
Meanwhile, the gross operating profit (EBITDA) decreased by 66% to €1 million between January and March.
The company explained that the reduction in the results of Acciona’s real estate arm was due to a change in its strategy, whereby some of the housing stock earmarked for sale has been put up for rent instead. It was also due to a significant decline in the volume of surplus housing with respect to the levels recorded at the end of 2014.
In fact, during the first quarter of the year, Acciona’s real estate stock comprised 474 units, of which 231 were located outside of Spain. This figure represents a decrease of 37.3% with respect to the housing surplus recorded during the same period a year ago, and a decrease of 31% on the volume recorded at 31 December 2014.
Since 2014, numerous Socimis have gone public in Spain, including Merlin Properties, Hispania, Lar España Real Estate, Axiare and Uro Properties. Corpfin has also joined the party with two Socimis of its own.
Original story: Cinco Días
Translation: Carmel Drake