Banco Sabadell Ready to Float Its New Socimi With €700 Mn in Assets

29/10/2014 – Expansion

Solvia, property servicer of Banco Sabadell, is giving the finishing touch to transformation of its real estate investment fund into a Socimi (Spanish counterpart of a REIT firm) already having a portfolio consisting of residential, logistics and tertiary assets valued at €700 million.

As the entity chaired by Josep Oliu informed, the process aims at ‘attracting new institutional investors’. Solvia will cast nets on them today at Barcelona Meeting Point held in the Montjuïc de Fira fair in Barcelona.

The servicer‘s directors created a special Real Estate Management area responsible exclusively for design and administration of investment vehicles. Main objective of the creation will be to ‘maximize the ROI through advisory and overall management’.

In general, funcions of Socimis cover acquisition, development and rehabilitation of urban assets intended for rent, both directly and through other Socimis.

 

Original article: Expansión 

Translation: AURA REE

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