Aedas Homes Will Make Stock Exchange Debut With Market Cap. Of c. €1,550M

6 October 2017 – Observatorio Inmobiliario

The property developer Aedas Homes is planning to debut on the stock market on or around 20 October at an indicative price of between €31.65 and €33.15 per share, which represents a market capitalisation of between €1,518 million and €1,585 million, according to a prospectus approved yesterday by Spain’s National Securities and Exchange Commission (CNMV).

The company will place between 3.016 and 3.159 million new shares through an initial public offering (IPO) to obtain gross revenues of around €100 million.

Moreover, the current owners – funds managed by the private equity firm Castlelake – will sell up to 17.9 million of their shares through a public sale offering. The firm’s stake currently accounts for 40% of the company’s share capital.

The existing shareholders will also give the global coordinators of the operation the option to buy an additional 10% (“greenshoe”).

The offer will be targeted exclusively at qualifying institutional investors, both in Spain and overseas.

Following the debut, the free float (percentage of capital that trades freely on the stock market) will stand at around 44%, a percentage that will increase to 48% if the purchase option over the additional 10% stake is exercised.

According to the prospectus, the current shareholders’ stake is expected to amount to 56.13% in the event that the additional purchase option is not exercised, in which case, the price will equal the midpoint of the indicative range; and 51.75% if the “greenshoe” is exercised.

The property developer will request the listing of its shares on the stock markets of Madrid, Barcelona, Bilbao and Valencia.

Aedas Homes plans to use the funds that it raises through the IPO to invest in future growth opportunities and to partially finance the expansion of the company and the purchases included in its house building plan for the period 2017-2023.

The global coordinators of the operation are Citigroup Global Markets and Goldman Sachs International.

Aedas Homes is a property developer, headquartered in Madrid, which specialises exclusively in residential construction. Its primary activity consists of investing in buildable land and building housing developments in regions where demand is strong and sustained.

Original story: Observatorio Inmobiliario

Translation: Carmel Drake

Socimi Vitruvio Will Debut On The MAB On 8 July

7 July 2016 – Europa Press

The Socimi Vitruvio will debut on the Alternative Investment Madrid (MAB) on Friday, 8 July, at a price of €12.63 per share, which represents a market capitalisation for the company of €38.5 million, according to the BME.

The company owns a portfolio containing four residential buildings, five offices and four retail premises in Madrid, as well as one penthouse apartment in Ibiza.

Vitruvio is the nineteenth Socimi to debut on the MAB, with the ultimate aim of raising funds to finance growth.

Vitruvio’s share capital is divided between around 121 shareholders, however four of them control around 28% of the total capital. According to the prospectus for the IPO, these four shareholers are: Eva Martínez Ertl, Antonio Martínez-Cabrera, Juan Acero-Riesgo and Matías Ortiz de Saracho.

The Socimi’s Chairman and CEO is Joaquín López-Chicheri, a professional who has combined his career in private banking with academic work and who, since 2013, has also chaired the fund CorA Investment.

Vitruvio’s portfolio of real estate assets includes a residential building for rent in Calle Ayala in Madrid, in the neighbourhood of Salamanca, and another on Calle Sagasta, in Chamberí.

In addition, it owns several retail premises on Calles Goya, Bravo Murillo and López de Hoyos, an office building on Fernández de la Hoz and a restaurant in Centro Colón.

Vitruvio closed 2015 with a profit of around €433,000, 51% higher than the previous year when its results were penalised by certain tax effects. Its revenues from rental income rose by 12% to €667,000.

The Socimi will debut on the MAB under the ticker symbol YVIT and its shares will be traded under the price fixing system

Original story: Europa Press

Translation: Carmel Drake

Santander Concludes Transformation Of ‘Banif Properties’ Fund

23 January 2015 – Expansión

Santander has just submitted the prospectus for its new real estate investment company, Luri 6 SII (the entity resulting from the transformation of its ‘Banif Properties’ fund), to the CNMV.

The company announced its intention to convert the fund into a company, at the end of November, and with the publication of this prospectus, which contains the investment policy and company by-laws, this process has now been completed.

The goal of the company is to liquidate the assets that it already holds in its portfolio, estimated to amount to more than €1,500 million.

The entity has closed a number of large transactions in recent months, most notably, the sale of Edificio España to the Chinese group Dalian Wanda for €265 million in June last year. Santander had purchased the landmark building from Metrovacesa in mid-2005.

Sources at the entity say that Santander has no intention of selling this vehicle, which it currently owns outright, and that there are no plans to convert it into a Socimi or list it on any exchange, as various sectors had speculated.


Banif Properties was the largest fund of its kind, until the financial crisis and the illiquidity of its real estate investments led to its decline.

In 2008, an avalanche of redemptions forced Santander to freeze capital withdrawals from the fund for almost two years, whereby trapping thousands of stakeholders. In 2011, the entity gave them the option of redeeming their stakes, but at a significant loss. Most left the fund. Those investors who did not accept the offer at the time, did so in December and January 2013, when Santander offered to transfer their shares to a newly created monetary fund or redeem them without charging any commission.

Original story: Expansión (by A. Antón)

Translation: Carmel Drake