17 September 2018 – Expansión
Salvador Vila Arcos and the Copoví Ridaura brothers have created Logis Confort, which owns seven industrial buildings in Valencia and Madrid, and they have opted to debut the entity on a secondary French market in light of the more onerous demands of the MAB.
One of the main developers of industrial warehouses in Valencia, CV Grupo, has converted its firm Logic Confort into the first Spanish Socimi to list on the Euronext Access market in Paris. The firm has opted for that secondary French market due to its less onerous requirements and its greater flexibility with respect to the Spanish Alternative Investment Market (MAB).
Logis Confort groups together seven industrial properties that the company leases, mainly in Valencia plus one in Madrid. The assets are worth €15 million. The firm started to trade in July with a benchmark price for its shares of €2.20, which represents a company valuation of €11 million. Although its corporate headquarters are located in Madrid, its three shareholders are from Valencia. The main shareholder is Salvador Vila Arcos, who owns 50% of the firm and is the owner of several firms that operate under the CV Grupo brand, with which it has developed and constructed some of the Ford suppliers’ park in Almussafes. His partners are two builders from that town, Edelmiro and José Manuel Copoví Ridaura, each of whom own 25%.
According to sources at the firm, the decision to opt for the Euronext exchange over the MAB fundamentally due to the conditions regarding the number of shareholders, the diffusion of the shareholding and of the free-floating shares – the percentage of total share capital trading freely on the stock market – demanded by the Spanish market and which did not fit with the company’s plans. Last year, the MAB tightened up its requirements in light of the Socimi boom to take advantage of tax benefits.
In fact, Logis Confort, which has relied on Armanext as an advisor, does not initially expect to open its share capital up to investors in general. Its strategy is to expand the Socimi’s capital by contributing more assets, some of which involve other partners who may join the shareholding of the company.
With this formula, the group also wants to take advantage of the creation of Logis Confort to reorganised its corporate structure and to be able to have an instrument for future operations and alliances.
As Expansión published, CV Grupo participates in companies with the investment firm Atitlán for the management of industrial warehouses.
Original story: Expansión (by A. C. A.)
Translation: Carmel Drake