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Mercal the Socimi Appreciates 1.4% At Flotation

3/07/2014 – Expansion

Newly listed Socimi (a Spanish counterpart of a REIT firm) Mercal Inmuebles has jumped up in price by 1.4% at its debut on the alternative stock exchange market (or MAB), reaching 29.4 Euros a share.

During the first session of the company, 200 shares jointly valued at 5.800 Euros found a new owner. Initial price had been set at 29 Euros per share.

The social stake of Mercal is made u of 876.266 shares at 6.01 Euro nominal value each.

The vehicle targets urban properties with view to renting them, mostly to highly solvent firms.

Basilio Rueda, CEO of the company, said Mercal relied on three pillars: customer portfolio, austerity and the indebtness level. He filed for listing the vehicle as a Socimi in September last year.

The first to become listed in 2014 was Lar España Real Estate, followed by another REIT Hispania Activos Inmobiliarios. The most recently, Merlin Properties the Socimi started to sell on the stock with the record IPO raised at its flotation (€1.25 billion).

Moreover, the next in the queue is Axia Real Estate expecting to raise €400 million debut amount, whereas currently forged Socimi of Quabit will strive at selling the first shares for the total of €500 million.

 

Original article: Expansión

Translation: AURA REE