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

Alquiler Seguro Finalises MAB Debut of its Rental Home Socimi Worth €9M

4 July 2018 – Eje Prime

The Alternative Investment Market (MAB) is going to welcome another new Socimi into the fold very soon. Alquiler Seguro, owned by the Enacom group, is going to debut its rental home Socimi, Quid Pro Quo (QPQ). The company has obtained the green light from the MAB’s Coordination and Incorporations Committee, according to a statement issued by the Spanish Stock Exchange and Markets (BME).

The company owns 37 assets, all of which are located in Madrid except for one that is situated in Barcelona, and it is worth €9 million in total. The aim of the manager’s Socimi is to buy homes in “the main provincial capitals and their metropolitan areas”, taking advantage of the high current demand for rental homes in the main areas of the country.

Alquiler Seguro is managing the rentals of QDQ’s homes. Of the homes that it operates, 34 are located in the city of Madrid, two in Torrejón de Ardoz and Alcorcón, and one in Barcelona.

The Socimi has indicated that it has a new asset acquisition plan for the next few years, with the aim of “continuing to grow in an organised fashion”, with a maximum indebtedness ratio equivalent to 50% of the value of its portfolio, and future capital increases to finance its investment needs.

The holding company that owns QDQ is Enacom, which owns other companies in the group such as Ivermax, which specialises in advising and managing residential assets for investors; FIM Ibérica, which manages cases involving tenants in arrears; and the technological firm Anexia.

Original story: Eje Prime

Translation: Carmel Drake

Hispania & Barceló’s Hotel Socimi Will Make Its Stock Market Debut On Monday

21 July 2017 – Expansión

Hispania and Barceló’s hotel Socimi is on the home straight for its stock market debut. Bay Hotels & Leisure – in which Hispania holds a 76% stake and Barceló a 24% stake – will debut on the stock market on Monday after receiving a favourable report from the Alternative Investment Market (MAB)’s Coordination and Incorporation Committee. Taking into consideration the high valuation range of the report prepared by the consultancy firm CBRE, the Socimi’s Board of Directors has set a reference value of €5.29 for each one of its shares, which represents a total company valuation of €494 million. CBRE has considered that the best methodology for valuing the company is the adjusted value of the own funds after tax. This valuation also discounts the ordinary dividend of €3.5 million paid on 10 March 2017.

Holiday hotels

At the end of 2016, the company held 21 assets with a net accounting value of €790 million. Specifically, 19 hotels worth €756 million, as well as two shopping centres and the concession for a marina worth €34 million. So far this year, the company has purchased the Hotel Selomar in Benidorm (245 rooms) for €15.6 million, the Hotel Fergus Tobago in Palmanova (275 rooms) for €20.2 million and the Armadores de Puerto Rico company, which owns the land adjacent to Hotel Barceló Oasis Lanzarote, for €6.2 million.

In this way, the company currently owns 21 hotels and a total of 7,423 rooms located in established tourist areas that receive high volumes of foreign tourists. Specifically, 62% of the rooms are located in the Canary Islands, 30% in the Balearic Islands and the remaining 8% in Andalucía.

The hotels owned by Bay are leased to Grupo Barceló under a series of contracts with an initial duration of 10 years and a maximum of three extensions, with the exception of Hotel Meliá Jardines del Teide, which is leased to Meliá until 2024 (…).

Barceló constituted Bay Hotels & Leisure in July 2014 and in April 2015 signed an investment contract with Hispania whereby the Socimi in which George Soros owns a stake, undertook to acquire a majority stake. By virtue of that contract, Hispania acquired 80.5% of the share capital in October 2015 for around €119 million although, following a capital increase recorded at the end of that year, its stake was diluted to 76%.

The company closed 2016 with a turnover of €65.7 million, compared with €13.2 million last year. Moreover, during the first three months of the year, it recorded revenues of €19.1 million, up by 22% compared to the same period a year earlier.

The company’s financial result as at March 2017 decreased by 7.5% as a result of the acquisition of Hotel Meliá Jardines del Teide and, specifically, the financial expenses resulting from a mortgage loan amounting to €22 million (…).

Original story: Expansión (by Rebeca Arroyo)

Translation: Carmel Drake

Tarjar Xairo Socimi Will Debut On The MAB On 20 Feb

15 February 2017 – Europa Press

The Socimi Tarjar Xairo will start trading on the Alternative Investment Market (MAB) on Monday 20 February, after the index’s Coordination and Incorporation Committee sent a favourable report about the Socimi to the MAB’s Board of Directors yesterday.

In this way, following the corresponding approval by the MAB’s Board of Directors, Tarjar Xairo Socimi will become the thirtieth real estate investment company to join the market and it will do so with the trading code ‘YTAR’.

It shares will be debuted through a price-fixing system and Renta 4 Corporate will act as the registered advisor, whilst Renta 4 Banco will serve as the liquidity provider.

The Socimi’s Board of Directors has set a reference value of €53.12 per share, which represents a total market capitalisation of around €9.2 million.

Tarjar Xairo Socimi is the owner of a portfolio of properties comprising four industrial buildings, two of which are located on an industrial estate in Coslada (Madrid), one industrial warehouse in Torrejón de Ardoz (Madrid) and one industrial warehouse in Ribarroja del Turia (Valencia).

As at 30 June 2016, the company recorded a profit of €118,710 and revenues of €377,509.

Original story: Europa Press

Translation: Carmel Drake

Socimi Vbare Will Debut On The MAB On 23 Dec

21 December 2016 – Finanzas.com

The Socimi Vbare Iberian Properties is set to join the Socimi segment of the Alternative Investment Market (MAB) and will start trading on Friday, 23 December.

The decision was taken by the MAB’s Board of Directors, which approved the incorporation of the company into the Socimi segment on Tuesday, after analysing the information submitted by the company and following the issuance of a favourable evaluation report from the Coordination and Incorporation Committee.

On the basis of a valuation report prepared by Grant Thornton, Vbare’s Board of Directors has set a reference value of €12.90 for each one of its shares, whereby valuing the company at €20.6 million.

The trading code of the company, the twenty-eighth Socimi to join the MAB, will be ‘YVBA’ and it will debut through a price fixing system. Renta 4 Corporate is the registered advisor and Renta 4 Banco is the liquidity provider.

The Socimi specialises in residential rental properties and its strategy focuses on the acquisition of real estate assets, their renovation and subsequent rental. It currently owns 183 real estate assets located in Madrid.

Original story: Finanzas.com

Translation: Carmel Drake