MAB Approves Debut Of Hotel & Tourist Apartment Socimi Elaia

31 October 2017 – Eje Prime

The hotel and tourist apartment Socimi Elaia has received the green light from the Alternative Investment Market (MAB) to make its stock market debut. The company will make its debut with a market valuation of €119.1 million, equivalent to €10.55 per share.

The firm just received a favourable assessment report for its debut on this market, through which it is seeking to increases its capacity to capture resources and provide liquidity to its shares, as well as to comply with its legal requirements as a Socimi.

Elaia owns a real estate portfolio comprising two residential buildings in the centre of Madrid, as well as five tourist apartment buildings and five hotels, all of which are located in Gerona, Málaga, Barcelona and Mallorca. The Socimi has made a total investment in these assets of €145 million.

The company is currently embarking on the comprehensive renovation of its two buildings in Madrid. In both cases, the properties date back to the nineteenth centre and are located in the centre of the Spanish capital (on Calle Bailén and Calle Atocha, respectively). The Socimi will invest €9.6 million and €5.2 million, respectively, on the work to improve the two properties, which will subsequently be used as rental apartments.

Original story: Eje Prime

Translation: Carmel Drake