Madrid Stock EXCHANGE

GreenOak and Drago Capital to list two new Spanish REITS

The eighteenth Spanish REIT (S.O.C.I.M.I) to list on MAB in 2018 will be «Go Madrid Benz Socimi», whose main asset is the Mercedes business Park in Madrid.  It is scheduled to start trading tomorrow at price of €12 per share and a market cap of €60 million.

GreenOak, the investor behind this new REIT listing, bought the Mercedes business park from Standard Life in 2016. The 78,500m² office complex is let to a range of quality tenants, including Altran, the Spanish Medicines Regulatory Agency and Xerox. This is, in fact, the second vehicle GreenOak will list on the Madrid stock exchange in 2018, following their IPO of Gore Spain. Go Madrid Benz aims to achieve a gross income of €7.65M per annum and a yield of 6.5%. The company’s ticker symbol will be “YGOB”.

The ninetheenth Spanish REIT is expected to be «Azaria Rental Socimi», backed by Drago Capital, an investment and property management platform which operates in Spain and Portugal since 2001 and in Miami since 2017.

Azaria was incorporated in November 2016 and owns 100% of Bifur Investments, owner of the office complex on Calle Miguel Yuste 40, leased to Grupo Prisa, publisher of EL PAÍS. The reference share price set by the company’s board of directors is €5.40, bringing the overall valuation to €45 million and the company’s ticker symbol will be “YAZR”.

Renta 4 Corporate was the registered advisor for both companies and Renta 4 Banco and Banco Sabadell will act as lquidity providers for «YGOB» and «YAZR» respectively.

 

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