27 April 2018
The countdown has started for Spain’s stock exchange to become home to a new real estate investment company listing. AP67 has received the approval to start trading on the Mercado Alternativo Bursátil (MAB).
Although the exact date of the listing is still unknown, the socimi will debut at a price of 6.65 euros per share and a market value of about 34 million euros.
The vehicle is specialised in the residential sector and has residential buildings, one residential plot of land, two industrial plots of land and several commercial premises. All the assets are located in the municipality of Leganés (Madrid) and have a market value of €46.5 million, according to calculations by the appraiser Gesvalt.
The two most valuable assets in its portfolio are a residential building and a housing development that is currently under construction: between them, they total 25.8 million euros, more than half of the total.
There are several major shareholders behind the vehicle: the minority interests that the MAB requires for a listing, as well as the architects Álvaro Rubio Garzón and Francisco Escudero López, who control more than 90% of the capital. According to the document published by the MAB, both created a property management company in 2001, based on real estate development for rental in the area of Leganés, “specifically in the main streets of the urban centre, in locations near the Universidad Carlos III and industrial property in the suburbs.”
AP67 will be added to the fifty-one socimis that are already present in the MAB and to the sector’s main players, which are on the Ibex 35 and the continuous market: Merlin Properties, Colonial, Axiare, Hispania and Lar. In its debut, the company will be advised by the registered adviser Armabex. The Renta 4 bank will act as a liquidity provider.
Original Story: Idealista
Translation: Richard Turner