28 August 2017 – Expansión
The US fund, which has already hired an underwriter for the stock market debut of its other property developer, Vía Célere, has asked for proposals from investment banks and advisors to list the company Aelca on the stock market.
A new real estate company is getting ready for its stock market debut. After the successful IPO of Neinor Homes, the first property developer to debut on the stock market in Spain in almost a decade, several companies in the sector have placed their focus on the stock market.
The latest company to join the party is Aelca. The Madrilenian property developer, or more specifically, its majority shareholder, the US fund Värde Partners, has invited the main investment banks and advisory firms to submit their respective proposals to support the debut of the company on the stock market, according to sources in the sector.
Founded in 2012 by Javier Gómez (pictured above right) and José Juan Martín (pictured above left), Aelca owns a portfolio that is currently worth €650 million. In June 2016, Värde acquired 75% of the property developer from the construction group Avintia. The remaining stake is held by the two founding partners, who serve as the senior executives of the real estate company.
The first round of contact with the possible underwriters was made at the end of July, with the aim of the debut taking place in 2018.
Ahead of that, Värde wants to list another property developer on the stock market: Vía Célere, in which it holds a 51% stake. The US fund has already chosen Credit Suisse, Jefferies-Arcano and CaixaBank to lead that placement, which could materialise this year, whereby taking advantage of the high degree of interest that exists in investing in Spanish real estate.
Like in the case of Vía Célere, the US fund will try to grow Aelca as much as possible before its debut on the stock market, with the aim of achieving the maximum return. Värde paid €50 million for 75% of the company, an investment that it will easily recover through the placement.
In total, since acquiring its stake in Aelca’s share capital, Värde has spent €200 million on land purchases, according to its founders in an interview with Expansión in April.
Original story: Expansión (by Rocío Ruiz)
Translation: Carmel Drake