Merlin Properties to Create a Socimi

28/03/2014 – Bloomberg

Merlin Properties SA is prepping for becoming the largest Socimi in Spain, oversizing even Hispania Activos Inmobiliarios that debiuted on the stock market at the beginning of the month and that is presently worth of €530 million. Another popular freshly listed Spanish REIT company is Lar España Real Estate, currently valued at €417 million.

David Brush, ex-executive of Brookfield Property Group, will be in office of the chief investment officer. Also, Ismael Clemente and Miguel Ollero, ex-directors of RREEF Spain and founders of Magic Real Estate will join the listing team.

Among potential investors appear Pacific Investment Management Co.’s Bill Gross, Quantum’s George Soros and billionaire John Paulson . The two latter have previously invested in Spanish Socimis.

The shares´ sale will be coordinated by Credit Suisse Group AG together with UBS AG and Deutsche Bank AG.

Merlin will target mainly commercial property in Spain with an option to extend to Portugal. The newly listed company will be registered as a Socimi.


Original article: Bloomberg (Sharon Smyth)

Summary: AURA REE