ABC Serrano’s Owners’ Socimi Gets Green Light for MAB Listing with €105 Million Valuation

28 March 2018

The socimi Serrano 61 is controlled by Banca March, which holds 19.2% of its capital. 40.8% is in the hands of minority shareholders, and another eight partners hold 5% each.

There’s going to be a new socimi debuting on the alternative market. Serrano 61, controlled by Banca March and owner of the ABC Serrano shopping centre in Madrid, will be listed on the Alternative Stock Market (MAB) at 21.10 euros per share, valuing the socimi at 105.5 million euros, according to BME.

The complex is located in the capital’s golden mile, the main commercial area of ​​the city, and is located in a historic building dating to the beginning of the last century. The asset has a lettable area of ​​about 15,000 square meters spread over seven above-ground floors, together with four floors of underground parking.

The Socimi Serrano 61, which has the complex as its sole asset, is controlled by Banca March, which holds 19.20% of its capital. 40.8% is in the hands of minority shareholders, and another eight partners hold 5% each.

The firm is listing itself on the MAB to attract capital and undertake a strategy designed to “maximise” the income generated by the centre “in the medium term”, to “monetise their investment,” according to a prospectus regarding the listing on the MAB.

At the end of 2017, ABC Serrano had an occupancy rate of 86.2% of its total surface area, with fifteen of its 46 stores vacant. Last year, the centre registered losses of 990,000 euros, after taking in 5.30 million euros in rents. Its owners expect to reverse the losses this year, forecasts profits of €2.4 million. To do this, the investors plan to increase revenues to €5.6 million and reduce expenses and amortisations.

Original Story: EjePrime

Translation: Richard Turner


Meridia’s Socimi Invests €26.5 Million in an Office Building in ​​Madrid’s Financial District

26 March 2018

Meridia’s socimi is growing its participation in the office sector. The fund, led by the Catalan executive Javier Faus, bought 90% of an office building in Madrid’s financial district. The group is in negotiations to acquire the remaining 10% in the coming days. The total price for the property is expected to involve an investment of 26.5 million euros.

The building has 7,000 square meters of area, according to Meridia Real Estate III Socimi, the company through which the fund is finalising the deal. Merida is financing the purchase with equity and a seven-year loan, granted by a Spanish financial institution, of 17 million euros.

Meridia’s socimi listed on Spain’s Alternative Stock Market (MAB) on December 29, the 47th socimi to join the MAB and the last in 2017. The socimi’s shares started trading with a market value of one euro per share, giving the company a capitalisation of 78.5 million euros. The company, which was established last year, is the fund’s third investment vehicle, created by Faus in 2001.

The vehicle has attracted the attention of various investors since its inception. The last to announce its interest in the socimi was the Puig family, which owns the Puig perfume and fashion group. The group acquired 5.25% of the socimi’s capital through its real estate investment firm Inmo.

In addition to the Puigs, its main shareholders include: the institutional investor Dreof, based in New York, which holds 18.39% of the group, a church pension fund, with 15.75%, the European institutional investor Periza Industries (1.13%), the Israeli Harel investment and financial services group (11.98%) and Credit Suisse (7.88%).

The rest of the socimi’s capital is in the hands of two local family offices: Anangu Grup, the principal holding of the Catalan company Eurofred (6.56%) and the Puig family’s Inmo (5.25%). According to a document sent to the Alternative Stock Market, the president of Meridia, Javier Faus, personally owns 5.21% of the socimi.

Original Story: EjePrime – C. Pareja

Translation: Richard Turner