26 September 2016 – Idealista
The brothers Alfonso and Francisco de Borbón Escasany, second cousins of the King Emeritus Juan Carlos I, are coordinating the debut of their Socimi Keka on the stock exchange, with an initial share capital of €5 million. The new Socimi, which joins 23 other listed real estate companies on the MAB, already owns several properties, including offices, retail premises and garages in Madrid, Barcelona and Sevilla, worth €14 million.
Keka will be the 24th Socimi to list on the Alternative Investment Market (Mercado Alternativo Bursátil or MAB) when it debuts this week. Real estate investment funds are celebrating the success of this type of company. The new company, Keka, is special because its main shareholders are all members of Spanish nobility, with very close links to the Royal family.
The businessmen and aristocrat brothers Alfonso and Francisco de Borbón Escasany, who are second cousins of the King Emeritus Juan Carlos I, and therefore by kinship with King Felipe VI, are the major shareholders of Keka, with stakes of 59.49% and 43.51%, respectively.
Two sons of both also sit on the Board of Directors of the Company, namely, Francisco Joaquín de Borbón Hardenberg and Alfonso de Borbón y Yordi.
Keka will debut on the stock market with an initial share capital of €5 million and assets worth €14 million. Its turnover amounted to €1.26 million in 2015 and it reported profits of €621,933.
Original story: Idealista
Translation: Carmel Drake