The IPO Committee of Madrid’s Alternative Stock Market (MAB) has published a favourable report regarding the listing of Desarrollos Ermita del Santo, marking the fifth REIT IPO in Spain so far in 2020. The company’s ticker symbol will be ‘YDES’.
The president of the SOCIMI is Alberto Enrique Finol Galué who holds 67.85% of the capital through various companies (Starbright Management, Ibemetex Investment, Corporación Ibérica Investments, Ibemetex Spain (16.02%) and Calox Internacional Spain. An additonal 13% is owned by Florida-based investor, Javier J. Cardenas through Vamefe Mall, L.L.C.
Desarrollos Ermita del Santo was founded as a company in September 2018 owning retail units within La Ermita Shopping Center in Madrid’s Carabanchel neighborhood. In total, the vehicle owns a portfolio of 57,679 sqm within the shopping centre including an area for sports, leisure and commercial use (73.14%), offices (2.31%), and a car park that has 502 spaces (24.55%).
Among its anchor tenants, the El Árbol Group stands out representing 18.5% of the rent. In addition, Ocisport Consulting has a sports center ‘Paidesport’ that contributes 13.7% of rent. The centre also has a ‘Carlos Sainz’ karting track enhancing the experiential component.
The Board of Directors of the company has set a reference value for each of its shares of 424 euros, representing a total value of the company of 21 million euros. VGM Advisory Partners acted as registered advisor and Banco Sabadell will act as a liquidity provider.
The company, the 5th to list on MAB in 2020, is scheduled to start trading on 31st July 2020.