This piece of research includes three real estate investment groups that can be found our list of the largest real estate investors based in Spain. The list is comprised of institutional investors, investment managers, project developers, real estate companies, REITs, and pension funds.
In this article, we will introduce three Spanish real estate SOCIMIs which are similar to Real Estate Investment Trusts (REITs). Real estate investment companies in Spain that have a minimum share capital of €5m can be named ‘Sociedades Cotizadas de Inversion Immobiliarias (SOCIMIs). Once listed as a SOCIMI and provided the firm meets specific requirements they will be able to access several tax schemes. All of the firms SOCIMIs included in this research can be found on our list of the largest Spanish real estate investors.
1) Lar Espana (Madrid, Spain)
The Madrid-based group has been operating as a listed company since March 2014 with the aim of providing high returns for its investors. Currently, the group manages €1.4bn of assets which consist of commercial real estate properties dispersed across Spain. When Lar Espana launched its original IPO, the firm raised over €400m and has since added €135m and €147m of capital increases. The Madrid group is a leading player in the retail real estate market in Spain with over 14 assets (5 retail parks and 9 shopping centers) which results in a combined total of 550,409swmt.
2) Atom Hoteles (Madrid, Spain)
Atom Hoteles is a listed real estate investment firm that exclusively seeks ventures in the hotel sector. The Spanish firm acquires urban real estate assets which can be leased as holiday hotels. Currently, the firm owns over 28 hotels which are estimated to be worth €700m. The firm was publicly listed in cooperation with Bankinter and GMA Capital in 2018 and is now the 2nd largest hotel owner in Spain. In December 2022, the firm announced the first sale of its Granada site for €5.5m to a local business group. Atom Hoteles plans to use the financial gains to continue with its current growth strategy.
3) Saint Croix (Madrid, Spain)
Managed by the Pryconsa Group, Saint Croix can offer 60 years of experience in the Spanish real estate sector. The firm is headquartered in the Spanish capital and is listed on the Luxembourg stock exchange. To date, the firm’s portfolio consists of 40 real estate assets which are valued at €563m. The portfolio is comprised of retail (35%), hotel (25%), and office (32%) assets as well as logistics and plots of land for future projects. In August 2022, Saint Croix added to its portfolio with the acquisition of two office buildings in Madrid which are sized at 9,327sqmt and 6,348sqmt respectively. The properties were acquired with already longstanding leases in place and represent the ambition of the firm to strengthen its position in the Spanish real estate market.
Picture source: Florian Wehde (04.05.2023)