10/06/2014 – Expansion
Socimis (Spanish REIT firms) grow in popularity. After great success of Lar Real Estate and Hispania on the Continuous Market and Entrecampos and Promorent on the MAB (the Alternative Stock Exchange Market), the odds are high the next to become listed will be Axia Real Estate.
Beyond the candidate there is Rodex, a real estate investment and advisory firm controlled by listed Alza Real Estate.
Axia Real Estate has already reached very advanced stage in the pre-listing process waiting for approval of the National Stock Market Commission (or the CMNV by its aconym in Spanish). Probably, the Socimi will float on the stock exchange on the 24th June.
The target is to raise at least €400 million at the offering addressed only to institutional investors. At present, Axia´s underwriters Citi and JB Capital Markets managed to raise a half of the amount.
The equity will be intended for purchase of offices (70%) mainly in Madrid and Barcelona, logistics assets (20%) and shopping centers (10%).
Unlike other Socimis, Axia Real Estate will have its own management team led by Luis López de Herrera- Oria and Guillermo Fernández-Cuesta. The first businessman is also executive of Rodex that bidded for the Castellana 200 complex and which finally fell into hands of PSP and Drago Capital.
Original article: Expansión (by C. S., R. R., D. B.)
Translation: AURA REE