15 May 2018 – Eje Prime
GreenOak is going to ring the bell again on the Alternative Investment Market (MAB). And this time it will do so with Go Madrid Benz, its second Spanish Socimi after Gore Spain, which made its stock market debut in January 2017. The US fund has already filed a request with Spain’s National Securities and Exchange Commission (CNMV) to incorporate the company on to the stock market; its main asset is the Las Mercedes Business Park. GreenOak’s intention is for the shares in this company to be listed before the summer.
With a surface area for offices and other administrative buildings spanning 80,000 m2, Las Mercedes is the jewel in the crown of Go Madrid Benz. The fund, which is led in Spain by Javier Zarragoitia, wants to assert its control over the 46% share capital that it owns in the Socimi to debut it on the stock market. The objective of the company is to achieve gross annual rental income of €7.65 million, with a yield of 6.5%, according to El Confidencial.
The sole shareholder of what will be the newest listed Socimi on the insatiable MAB, which is also home to more than fifty companies, is Go Benz Sarl, one of GreenOak’s investment vehicles. The fund has owned Las Mercedes since 2016 when it paid Standard Life €130 million for the business complex located in the northeast of Madrid.
The Las Mercedes Business Park comprises nine office buildings, situated around the A-2 motorway, an attractive area for companies, which has undergone significant development in recent years. Indeed, just a few weeks ago, GreenOak raised €95 million to refinance this asset through a long-term loan signed with PBB Deutsche Pfandbriefbank.
Original story: Eje Prime
Translation: Carmel Drake