Home Capital has leapt onto the Alternative Investment Market (MAB). The Socimi, which is dedicated to the rental of apartments for professionals on business trips, has received approval from the stock market regulator to start trading on the MAB at a price of €8.36 per share, which means a company valuation of €50.2 million.
The firm is making its debut on the alternative market in the midst of the coronavirus crisis and has already warned that “it (the crisis) could have a material and negative impact on the balance sheet, results, economic outlook and assets ” of the company, according to Europa Press. Specifically, the Socimi has warned that business travel will be affected by the crisis, which will directly affect its turnover given that it is driven by the rental of apartments to professionals.
The firm is owned by Timón (26%), the Polanco family’s real estate company, and is chaired by Borja Jesús Pérez Arauna, who in turn has an indirect stake of 6.84% in Timón. Specifically, the Socimi’s business objective is to invest in residential buildings in order to renovate them and then dedicate them to medium-term corporate leasing.
Translation/Summary: Carmel Drake