Azaria Rental Debuts on the MAB with a €125M Investment Plan

25 September 2018 – Eje Prime

Azaria Rental made its debut on the stock market today with the clear intention of expanding its asset portfolio. The Socimi, specialising in the rental market and managed by Drago Capital, started trading at a price of €5.40 per share, which means that its valuation amounts to €45 million, according to a statement filed by the company with the Alternative Investment Market (MAB).

On its first day on the MAB, the Socimi confirmed its plan to search for new investment opportunities to increase returns for its shareholders. Specifically, according to Mayte Medina, CEO of Drago Capital, the firm’s future acquisitions are expected “to amount to €125 million in total”.

Currently, Azaria Rental owns just one asset: a 100% stake in Bifur Investments, the owner of the industrial and office complex located at number 40 Calle Miguel Yuste in Madrid, which houses the headquarters of the El País newspaperThe property spans a surface area of 46,480 m2 and comprises five buildings, leased to the Prisa group until 2033 for €4.9 million per year, according to Expansión.

Azaria Rental is the 19th Socimi to debut on the MAB so far this year. The objective of the company is to create a real estate investment vehicle to generate returns of between 4% and 5%, “from rental contracts with a net triple income profile over the long-term”.

Meanwhile, Drago Capital is a real estate asset management company that operates in the Spanish market as well as in the United States of America. Founded in 2001 by a group of professionals from the sector, it has offices in Madrid, Lisbon and Miami.

Original story: Eje Prime

Translation: Carmel Drake

Azaria Rental Will Debut on the MAB with a Valuation of €45M

19 September 2018 – Eje Prime

A steady flow of Socimis is continuing to debut on the stock market. The Coordination and Incorporation Committee of the Alternative Investment Market (MAB) has approved the debut of Azaria Rental Socimi, specialising in the rental sector. The Socimi will start to trade at a price of €5.40 per share, which means that its valuation will amount to €45 million.

Azaria Rental will trade with the code YAZR in the fixing modality, typical for securities with lower volumes and liquidity, given that it concentrates the supply and demand for the shares at 12 noon and 4pm each day.

Renta 4 Corporate is the registered advisor of the company and Banco Sabadell will act as the liquidity provider, according to a document submitted to the MAB. Azaria Rental has just one asset: it owns 100% of Bifur Investments, in turn, the owner of an industrial and office complex located at number 40 on Calle Miguel Yuste, where the El País newspaper is headquartered.

The tenant has a contract in force, with a mandatory duration of 25 years starting in 2008. The annual rent amounts to €4.9 million (…).

The objective of Azaria is to create a real estate investment vehicle to obtain returns of between 4% and 5%, “resulting from rental contracts with a net triple income profile over the long-term”.

Original story: Eje Prime

Translation: Carmel Drake