Since its appearance in 2012, the socimis have been a driving force in the real estate market. Its business is the leasing of urban real estate, including residential properties, commercial premises, offices and hotels. However, other sectors with great potential, such as alternative assets, the purchase of other socimis or large real estate portfolios in the hands of financial institutions, are beginning to gain ground in investor interest,
Socimis investment opportunities, where to find them?
Interest in the alternative assets: student residences, nursing homes or service stations (petrol stations, petrol stations), developing niches that have great growth potential compared to traditional sub-segments (offices, retail, and others).
Real estate portfolios: the purchase of socimis or large asset portfolios of financial institutions and investment funds are focusing investor interest.
What is the current profile of the socimis investor?
Most of the owners of socimis are foreign funds or investment companies. By nationality, the United States is the country that provides the most investment.
How does the introduction of SIGI in Portugal affect socimis in Spain?
Portugal created SIGIs, an investment instrument similar to international reits, but with restrictive taxation compared to their European counterparts. Portuguese regulations will not negatively affect Spanish-listed socimis, at least in the short term.
MAB or Euronext: what are the advantages of listing on these markets?
Both markets offer advantages.
Euronex is more lax than the MAB in some of its conditions. For example, one of its incorporation alternatives is less restrictive as it does not require a disclosure requirement, a fundamental option for certain personalised vehicles that have not opted for the socimi regime because they do not want to open their shareholding to other investors.
Some companies may be interested in the Parisian Euronext for the image of being listed on a larger market, with a longer track record on this investment vehicle and for the visibility to European investors.
In parallel, the MAB has worked on market transparency and is making great efforts to facilitate the visibility of all its listed companies to national and international investors.
Why are large corporate operations taking place?
After years of breaking investment records, in recent months the socimis have been the protagonists of large corporate operations in the sector, a logical process of concentration due to the success of these companies.
The market demands that they have a quality, well-managed portfolio of assets and that the returns generated are consistent with their business plan. Growing to optimise their management capacity is a natural response. Moreover, acquiring socimis with a track record in the market avoids the investor having to go through the process of creating a new vehicle and going public.