11 May 2017 – Expansión
A new listed real estate investment company (Socimi) will debut on the Spanish stock market next week. The company in question is Optimum III, specialising in value-added residential assets (i.e. those requiring active management to maximise their value).
The company will debut on the MAB with a reference value of €10 per share, taking the total valuation of the company to €54.03 million. The bell will ring on 16 May.
The new Socimi is the thirty-third to debut on the MAB (four others are listed on the main stock market). Its portfolio comprises six buildings, five in Barcelona and one in Madrid, all acquired within the last three months. The properties include Diagonal 333, in Barcelona, purchased in January for €12.8 million; and General Moscardó 7, in Madrid, bought in February for €14.86 million.
The Socimi’s most recent purchase involved the building on Juan de Garay 5-7, in Barcelona, which it acquired for €1.7 million on 13 April.
The company is managed by BMB, as disclosed by Expansión. That company, which is headquartered in Barcelona, has accumulated eight funds since it was founded in 2006. The firm led by Josep Borrel also manages another Socimi that is already listed on the stock market, Optimum Real Estate.
Optimum III’s main shareholder is the American investment fund Bluemountain, which owns 83.287% of its share capital. The firm Itzarri EPSV holds another 9.2541% stake, whilst another 15 shareholders own less than 5% each.
The new Socimi has set itself an investment period of 12 months, beginning on 1 March, and the aim of liquidating its assets no later than the seven years after its debut on the stock market.
Its investment target comprises value-added assets, ranging between €2 million and €20 million per property, with an average price of around €2,500/m2. Including construction work, the investment undertaken by Optimum Re Spain will reach a total of €80 million between own funds and debt.
Arcano Valores has been the placer and registered advisor to Optimum III, which will trade under the code YOVA, whilst BNP Paribas is acting as the liquidity provider.
Original story: Expansión (by Rocío Ruiz and José Orihuel)
Translation: Carmel Drake