19 July 2018 – Eje Prime
A new Socimi is going to make the leap onto the Alternative Investment Market (MAB). Veracruz Properties is going to become the first real estate company from the Community of Valencia to ring the bell at the MAB. The company will make its stock market debut on 24 July with a market valuation of €76.7 million and a debut price of €32.60 per share.
The MAB’s Coordination and Incorporations Committee has given the green light for the Socimi to join the stock market. The real estate company specialises in the acquisition and management of shopping centres and nursing homes for the elderly.
Veracruz entered the nursing home sector just a few months ago when it purchased two homes for the elderly in Valencia from the French fund Omega, which has remained as the tenant of both assets.
Veracruz was created in 2014 by investors from Latin America and, currently, is led by Salvador Fonduer, a businessman linked to the Dominican company Agilant. In addition to the Plaza Mayor de Gandía and Xátiva shopping centres, the company owns two other assets in Spain, Parla Natura, in Madrid, and El Arcángel, in Córdoba.
The Valencian Socimi closed the first quarter of the year with a profit of €495,268, up by 1.03% compared to its results during the same period in 2017, according to València Plaza. Nevertheless, quarterly revenues from asset rentals decreased by almost 8% to €1.71 million.
Original story: Eje Prime
Translation: Carmel Drake