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Unibail-Rodamco España Becomes a Socimi
Unibail-Rodamco España has turned into a Socimi, a Spanish counterpart of a REIT company.
The European company offers a portfolio of 16 large shopping centers in Spain, La Vaguada and Parquesur in Madrid, La Maquinista, Glories and Splau in Barcelona and Bonaire in Valencia among others, located in 10 biggest cities of the country.
The greatest European real estate investment company decided to convert its Spanish branch into a Socimi. The main role of such companies is the acquisition, managament, development and reforms of the real estate property of the urban land for rent with an obligation of distributing great part of their profits as dividends.
The CEO of Unibal-Rodamco España, Simon Orchard, believes that the changes in Spanish legislation “will inevitably attract a long-term attention of investors on the Spanish market, improving the liquidity and solvency.” (…)
Source: Expansión