12 December 2017 – Eje Prime
The Socimis are still a major talking point in the Spanish real estate sector. Together, the more than forty Socimis that are listed on the Alternative Investment Market (MAB) own assets with a combined market value of €12.221 billion, according to the report Armabex Analysis II. This year alone, seventeen new Socimis have been incorporated onto the MAB.
According to the findings of the report, the average market capitalisation of all of the Socimis currently listed on the MAB amounts to more than €155 million and their average own funds represent 62%. “The Socimi has become a fundamental element in the growth of the real estate market”, explains Antonio Fernández, President of Armabex.
Of the Socimis currently listed on the MAB, 31 have offices and homes amongst their properties available for rent and their market value represents 42% of the total. In 2017, nine of the seventeen new Socimis that debuted on the MAB held both types of assets in their portfolios.
Nevertheless, shopping centres, gas stations, hotels and industrial warehouses have also found the perfect vehicle to list on the MAB in the form of Socimis. In fact, in 2017, there was an increase in the number of shopping centre Socimis (five more in 2017); the first Socimis to include warehouses made their debut (also five in 2017); and the first gas station Socimi made its debut on the MAB along with three new hotel Socimis, amongst others.
By investment destination, Madrid has consolidated its position as the Spanish province in which Socimis invest the most in 2017. In this sense, thirteen of the seventeen new Socimis that started to trade in 2017 own real estate assets in Madrid. In this way, the 32 Socimis listed on the MAB that own assets located in the capital, have real estate assets worth €5.684 billion, which account for 46% of the total asset valuation.
Meanwhile, the evolution in Barcelona has been less satisfactory than expected; the portfolio of assets located in that province owned by the Socimis account for 11% of the total asset valuation, or €1.364 billion. Only five of the seventeen new Socimis that joined the MAB in 2017 own real estate assets in the Catalan capital.
Original story: Eje Prime
Translation: Carmel Drake