6/03/2014 – Expansion
The bell for Lar España Real Estate entering the continuous market rang at 12 o´clock. The group controled by the Pereda family will be the first real estate company listed on the Continuous Market since 2011 and the first Socimi (Spanish counterpart of a REIT company) listed on Spanish markets.
The group´s goal was to raise €400 million with a public offer of 40 million shares priced at €10 each (€2 of nominal value and €8 of issue prime). Its first day was closed at 2.5% more than the expected price with €10.25 per share.
The Peredas hold 83% of Lar España and the company is chaired by José Luis del Valle.
If it comes to international investors who had expressed initial interest in joining the Socimi, only Pimco appeared at the opening. The U.S. giant has already invested €50 million in the newly floated firm (…).
The group´s activity will aim mostly at offices in Madrid and Barcelona and shopping centers all over Spain, however investment in the residential stock is not excluded. (…).
Its chairman pointed out how great honour is to be the first Socimi listed on all four stock markets in Spain. (…) JP Morgan was the placer at the flotation.
Original article: Expansión
Translation: AURA REE