Merlin Properties to Begin Trading This Month on Portugal’s PSI-20

3 January 2020 The Spanish socimi Merlin Properties will debut on the Portuguese Stock Exchange this month. The firm had initially planned to begin trading before the end of last year.

Due to its size, Merlin Properties, which has traded on the IBEX 35 since 2015, will likely debut on Portugal’s PSI-20, which is run by Euronext.

La socimi española Merlin Properties debutará en la Bolsa de Valores de Portugal este mes. Debido a su tamaño, la firma, que cotiza en el IBEX 35 desde 2015, probablemente debutará en el PSI-20 de Portugal, dirigido por Euronext.

Original Story: Expansión

Translation/Summary: Richard D. Turner

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

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

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

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

Inbest Debuts on MAB Valued at €83 Million

10 July 2019 – Richard D. K. Turner

Inbest, a socimi which focuses its investments on major retail store locations, debuted on Spain’s alternative stock market (MAB) valued at 83 million euros. The socimi owns three El Corte Inglés commercial premises and the commercial gallery at Madrid’s Edificio España.

The company, which was founded by Corpfin Capital and currently chaired by Javier Basagoiti, is structured in four investment vehicles that have a total investment capacity of 278 million euros.

Original Story: Eje Prime