Axia Real Estate Falls Down 2% to €9.80 on Its Launch

10/07/2014 – El Confidencial

Axia Real Estate floated yesterday as the fifth Socimi (Spanish REIT) listed this year, after the debuts of Lar España, Hispania, Merlin Properties and Mercal Inmuebles, although the last trades on the MAB (Spain´s Alternative Stock Exchange).

The shares have not started to sell smoothly as they lost 2% of value, from the initial 10 Euros down to 9.80 Euros a share. The Socimi promoted by Luis López de Herrera-Oria raised €360 million at the IPO among investors.

The company assured the demand for the shares was huge, therefore it issued 36 million new ones.

Axia is held by international funds such as Perry European Investments, Gruss Capital Management, Pelham Capital, Trowe Price and Taube Hodson Stonex, among others.

The Socimi declares to be the first to invest “exclusively” in the tertiary assets for rent (offices, logisitcs centers and commercial real estate). It will especially aim offices in the financial hearts of Madrid and Barcelona (to represent 70% of its portfolio), whereas the two other property types would make 20% and 10%  respectively.

Axia Real Estate begins with a “blind pool”, but it foresees investing the entirety of the IPO amount within the next 12-18 months.


Original article: El Confidencial

Translation: AURA REE