22 September 2017 – Eje Prime
The countdown has started for the debut of Domo Activos, the socimi of the cooperative manager of the same name. The company will make its debut on Thursday 21 September on the Alternative Investment Market (MAB), where it will list at €2 per share, a price that represents a market valuation for the company of €7 million, according to the BME.
The company, which is the 41st to make its debut on this market under the Socimi framework, owns just one asset, a plot of land in Madrid, located in El Ensanche de Vallecas, which it purchased in March from Sareb for €6.55 million. The land has a maximum buildability of 9,348 m2 and the firm plans to build 80 homes on the site, plus six ground floor commercial premises and parking.
For the next two years, the firm will focus on developing this project, according to details contained in the information brochure that accompanies its stock market debut. It estimates that the homes will be ready to lease “from September 2019”.
Domo has a business plan that includes taking on new land purchases to develop real estate assets, with the aim of subsequently making cash from them by leasing them out “for at least three years”, and ultimately, selling them.
This strategy includes the development of homes, hotels and tourist apartments, primarily in the Community of Madrid, Cataluña, País Vasco, Málaga, Sevilla, Granada, Córdoba, the Community of Madrid, the Balearic Islands and the Canary Islands.
The Socimi chaired by Feliciano Conde Anguita (pictured above) plans to pay for this business plan through capital increases, in such a way that the firm will undertake operations of that kind, “to the extent that investment opportunities arise”. Current shareholders will have preferential subscription rights in future capital increases.
Original story: Eje Prime (Original article dated 19 September 2017)
Transltion: Carmel Drake