The Cereceda sisters get green light for €176M REIT

The Coordination and Admissions Committee of the Madrid Alternative Stock Exchange (MAB) has issued a favourable report on La Finca Global Assets SOCIMI to the Board of Directors, following a thorough review of all the information presented by the company.

La Finca’s ticker symbol will be “YLFG” and it will be traded through the “price fixing” system. Renta 4 Corporate has been the Registered Adviser while Renta 4 Banco will act as Liquidity Provider.

LaFinca Global Assets is owned by the Cereceda sisters and global alternative investment adviser Värde Partners. It has a portfolio of ten office buildings, all of them located in Madrid including the La Finca business park, located in Pozuelo de Alarcón (Madrid), as well as the facilities attached to the complex, such as a sports center called Reebok sports club, a space for catering and an underground parking lot with 590 spaces.

The company’s properties are valued at €726.76 million in its high range with debt amounting to €395 million, placing the loan to value (LTV) at 54%. Its main creditors are CaixaBank and Santander, with loans worth €100 and €60 million respectively.

The Board of Directors of LaFinca has set a reference value for each of its shares of €4.66, based on the analysis conducted by Gloval, which values the shareholders’ equity at between €137 and €177 million.

The Spanish REIT is 50.01% owned by Grupo La Finca, controlled by Susana García-Cereceda, 39% owned by US fund Värde Partners (through the Mansfield company) and Yolanda García-Cereceda who has a 10.99% stake.

In addition to Värde and the Cereceda sisters, 23 shareholders control 1.13% of the share capital of La Finca Global Assets, with an estimated market value of about 2 million euros.

LaFinca is expected to complete its IPO on Wednesday, the 11th of September.