Millenium Socimi to Undertake €250-Million Capital Increase

25 November 2019 – Millennium, a socimi that invests in the hospitality sector, plans to undertake a €250-million capital increase next year to expand its portfolio and subsequently move from Spain’s MAB to its larger. The socimi is looking to double its portfolio to one billion euros and make the move within the next two to three years.

Millenium also expects to take on debts of 250 million euros to achieve its goals.

Original Story: Eje Prime

Adaptation/Translation: Richard D. K. Turner

Domo to Give Up Socimi Status After Change in Spanish Rental Law

21 November 2019 – Domo will exit the socimi tax regime and, along with it, its business of developing rental housing due to changes in Spanish regulations. The country approved a law this year where rental agreements would be extended from three to five years, and up to seven years in cases where the owner is a corporate entity.

The firm argued that the change in the law would negatively affect its operations, as its strategy included selling the properties it built within four to six years. Domo added that the new regulations would impact its financing arrangements and decrease its potential profitability.

Nevertheless, Domo expects to maintain its listing on the MAB.

Original Story: La Vanguardia

Adaptation/Translation: Richard D. K. Turner

Advero Properties Receives Green Light for Stock Market Listing on Spain’s MAB

8 November 2019 – Advero Properties has been approved for its stock market debut by the Alternative Stock Market (MAB). The firm’s board of directors set an initial share price of 6.5 euros, valuing Advero at 10.6 million euros.

The firm will trade under ‘YADV’. Solventis is the registered advisor of the company and will also act as a liquidity provider.

Original Story: La Vanguardia

Adaptation/Translation: Richard D. K. Turner

Mistral Iberia Real Estate to Debut on MAB Valued at €22 Million

8 October 2019 Mistral Iberia Real Estate, a socimi partially controlled by the footballers Ronaldo Nazario, Fernando Llorente and Juan Manuel Mata, has been given the green light for a listing on the Alternative Stock Market (MAB), with an initial valuation of €22 million.

Mistral seeks diversification by investing in other existing socimis, specialising in an array of different assets.

The firm’s main partners include Ronaldo Nazario, with a 12.2% stake, Mata, with 11.2% and Llorente, with another 9.09%.

Original Story: El Confidencial – Ruth Ugalde

Photo: EFE

Adaptation/Translation: Richard D. K. Turner

Silicius Looks to List on Spain’s Continuous Market

18 September 2019 Silicius, the socimi controlled by Mazabi, is seeking to raise €1 billion in gross investments in preparation for its debut on Spain’s Continuous Market during the first semester of 2020. That market would provide a level of liquidity that is not present in the MAB. Silicius focuses its investments in the hotel and retail sectors.

Original Story: Merca2 – Carlos Lospitao

Adaptation/Translation: Richard D. K. Turner

Mansfield Invest to Debut on MAB Today

17 September 2019 – The socimi Mansfield Invest, which is controlled by Värde Partners and which has a 37.78% stake in the La Finca socimi, will debut on the Alternative Stock Market (MAB) on September 17 at 13 euros/share, valuing the company at 115.4 million euros. Mansfield, which invests in offices for lease, was incorporated on November 16, 2015.

Renta 4 Corporate is the Registered Adviser while Renta 4 Banco will act as Liquidity Provider.

Original Story: Inversión & Finanzas

Adaptation/Translation: Richard D. K. Turner

LaFinca Global Assets Given Green Light to Debut on MAB Stock Market

9 September 2019

LaFinca Global Assets, which is owned by Grupo La Finca and Värde Partners, was given the green light by the MAB for a new stock market listing. The firm has a portfolio of ten office buildings, all of them located in Madrid, the La Finca business park in Pozuelo de Alarcón, also Madrid, along with other facilities such as the Reebok sport club, an event-space and a below ground parking lot with 590 parking spots.

The company’s assets have a total value of €726.76 million with debts of €395 million, giving it a loan-to-value ratio of 54%. LaFinca set an initial share price of €4.66, based on an analysis by Gloval, giving it an upper value of more than €176 million.

Värde Partners has signalled a potential interest in selling its 39% stake in the socimi. In such an event, Grupo La Finca would have the preferential right to acquire the US fund’s stake.

Original Story: Expansión – Rocío Ruiz

Adaptation/Translation: Richard D. K. Turner

Seven New Socimis Start Trading on Spain’s MAB in First Seven Months of 2019

26 August 2019

In the year to date, seven new companies, with a total capitalisation of 799.6 million euros, have started trading on Spain’s Alternative Stock Market (MAB), a testament to the pace of activity in the local real estate market.

Just in January, three companies made the leap to the MAB. Almagro Capital stared trading at 1.08 euros per share, while a few days later, Park Rose Iberoamericana began trading at 1.15 euros per share, valuing the Catalan socimi at 10.8 million euros. Urban View, a socimi which invests in rental flats, began trading at 7.2 euros per share, valuing the company at 38 million euros.

The month of July also saw important new IPOs. Trivium Real Estate starting trading with a market capitalisation of 255 million euros. One day later, Millenium Hotels Real Estate I began trading with a capitalisation of €262.5 million.  The company, which focuses on the acquisition of 4 to 5-star hotels, has two functioning hotels and three under development, with a total of about 640 rooms.

A few days later, Inbest began trading on the market through four different socimis, with a total market capitalisation of €84.7 million. One of the socimis has a portfolio of four commercial stores, all of them rented to El Corte Inglés. Another has a portfolio that includes the commercial gallery at the bottom of the Edifício España in Madrid.

Original Story: Eje Prime – Marta Casado Pla

Adaptation/Translation: Richard D. K. Turner

The Sometimes Overrated Boom of Spain’s Socimis

20 July 2019 – Richard D. K. Turner

BME and JLL recently presented a study of the state of Spain’s 73 socimis. From 2016 to 2018, a total of 54 socimis, 70% of the current total, debuted on the market. Last year, those same socimis paid an average dividend yield of 3.8%. The firms distributed €879 million in dividends in 2018, up from €581 million in 2017, +51.4% year-on-year.

While the total stock market capitalisation of the socimis increased by 19.6% last year, compared to the IBEX 35’s fall of 15%, the Spanish market is still relatively small compared to the rest of Europe.  Only four of the socimis listed on the continuous market. The Spanish market ranks fourth out of eleven, behind the United Kingdom, France and Holland. Moreover, while Spain accounts for 31.5% of the total number of socimis in the EU, their assets represent just 12% (26.740 billion dollars at the end of March). The average socimi in Spain is valued at 371 million dollars; compared to €1.371 billion in the United Kingdom; €1.99 billion in France and a whopping €5.35 billion in the Netherlands.

Foreigners also accounted for the lion’s share of investment in Spanish socimis. According to the study, 75% of the investment in the office sector came from outside of the country, 85% of that in logistics and 80% of the investment in retail.

Original Story: ABC Inmobiliário

Torimbia to Debut on MAB at €27.40 Per Share

20 July 2019 – Richard D. K. Turner

The socimi Torimbia will debut on Madrid’s alternative stock market (MAB) after receiving the necessary approvals from the MAB’s board of directors. The company will trade under ‘YTRM’, with Renta 4 Corporate listed as the registered advisor and Renta 4 Banco as Liquidity Provider. The listing would set the firm’s shares at 27.40 euros, giving the socimi a total value of 140 million euros.

Torimbia, which incorporated in 1966, controls and operates eight real estate assets including three hotels, three commercial premises and two offices in Madrid, with a total gross leasable area of ​​34,620 square meters.

Original Story: Valencia Plaza