The Spanish REIT structure was approved and founded in October 2009 under the name of Sociedad Anónima Cotizada de Inversión en el Mercado Inmobiliario («SOCIMI»). Its legal regime was set out in the Law 11/2009 of 26 October, which was subsequently amended by Law 16/2012 of 27 December to relax the legal requirements for their incorporation, remove the regulatory barriers and enhance the tax treatment applicable from 2009.
SOCIMIs are public limited companies (sociedades anónimas) whose corporate purpose is the holding of either (i) leased urban assets (by means of acquisition or development) or (ii) a stake in the share capital of other SOCIMI or foreign entities of analogous or similar activity (the vehicles known as Real Estate Investment Trusts or «REITs»). Since the amendment made in 2012 SOCIMI are subject to zero taxation under Corporate Income Tax, thus putting them on equal footing with the already existing regimes for REIT abroad.
Specifically, the number of companies that have benefited from tax deductions already amounts to 115, and of these, 6 are listed on the IBEX35 and 50 are listed on the MaB (Madrid Alternative Stock Market).
As at April 27, 2018, Spanish REITs have a combined market capitalisation of over 23 billion. The following is a list of Spain’s REITs ordered by market cap:
| Name | Market Cap as at 27th of April, 2018 |
| MERLIN PROPERTIES, SOCIMI, S.A. | 6,003,670,000 |
| INMOBILIARIA COLONIAL SOCIMI, S.A. | 4,152,928,000 |
| GENERAL DE GALERIAS COMERCIALES SOCIMI, S.A. | 2,860,000,000 |
| HISPANIA ACTIVOS INMOBIL. SOCIMI, S.A. | 1,931,209,000 |
| AXIARE PATRIMONIO SOCIMI, S.A. | 1,366,200,000 |
| GMP PROPERTY SOCIMI, S.A. | 956,214,000 |
| LAR ESPAÑA REAL ESTATE, SOCIMI, S.A. | 868,814,000 |
| BAY HOTELS & LEISURE SOCIMI, S.A. | 723,733,000 |
| ZAMBAL SPAIN SOCIMI, S.A. | 684,868,000 |
| VBARE IBERIAN PROPERTIES SOCIMI, S.A. | 287,983,000 |
| OLIMPO REAL ESTATE SOCIMI, S.A. | 200,629,000 |
| URO PROPERTY HOLDINGS SOCIMI, S.A. | 189,847,000 |
| TRAJANO IBERIA SOCIMI, S.A. | 173,531,000 |
| ALBIRANA PROPERTIES SOCIMI, S.A. | 168,000,000 |
| INVERSIONES DOALCA, SOCIMI, S.A. | 162,888,000 |
| TÉMPORE PROPERTIES SOCIMI, S.A. | 158,560,000 |
| ISC FRESH WATER INVESTMENT SOCIMI, S.A. | 155,938,000 |
| EURO CERVANTES, SOCIMI, S.A. | 155,000,000 |
| FIDERE PATRIMONIO, SOCIMI, S.A. | 145,070,000 |
| ELAIA INVESTMENT SPAIN SOCIMI, S.A. | 120,829,000 |
| ASTURIAS RETAIL AND LEISURE SOCIMI S.A. | 115,000,000 |
| SERRANO 61 DESARROLLO SOCIMI, S.A. | 108,000,000 |
| CORONA PATRIMONIAL SOCIMI, S.A. | 103,187,000 |
| ZARAGOZA PROPERTIES SOCIMI, S.A. | 101,200,000 |
| AM LOCALES PROPERTY SOCIMI, S.A. | 98,549,000 |
| ENTRECAMPOS CUATRO, SOCIMI, S.A. | 98,404,000 |
| MERIDIA REAL ESTATE III SOCIMI, S.A. | 87,135,000 |
| SILVERCODE INVESTMENTS SOCIMI, S.A. | 81,693,000 |
| VITRUVIO REAL ESTATE SOCIMI, S.A. | 79,782,000 |
| GRUPO ORTIZ PROPERTIES SOCIMI, S.A. | 74,745,000 |
| OPTIMUM III VALUE-ADDED RESIDENTIAL SOCIMI, S.A. | 64,836,000 |
| AUTONOMY SPAIN REAL ESTATE SOCIMI, S.A. | 64,260,000 |
| OPTIMUM RE SPAIN SOCIMI, S.A. | 60,500,000 |
| HADLEY INVESTMENTS SOCIMI, S.A. | 56,212,000 |
| GORE SPAIN HOLDINGS SOCIMI, S.A. | 54,330,000 |
| QUONIA SOCIMI, S.A. | 50,879,000 |
| TANDER INVERSIONES, SOCIMI, S.A | 49,800,000 |
| KINGBOOK INVERSIONES SOCIMI, S.A. | 45,544,000 |
| INMOFAM 99 SOCIMI, S.A. | 39,496,000 |
| JABA I INVERSIONES INMOBILIARIAS, SOCIMI, S.A. | 34,256,000 |
| MERCAL INMUEBLES, SOCIMI, S.A. | 29,968,000 |
| P3 SPAIN LOGISTIC PARKS SOCIMI, S.A | 29,684,000 |
| PREVISIÓN SANITARIA NACIONAL GESTIÓN SOCIMI, S.A. | 28,702,000 |
| HEREF HABANERAS SOCIMI, S.A. | 27,830,000 |
| RREF II AL BRECK SOCIMI, S.A. | 27,203,000 |
| CORPFIN CAPITAL PRIME RETAIL II, SOCIMI, S.A. | 25,469,000 |
| GALIL CAPITAL RE SPAIN, SOCIMI, S.A. | 20,600,000 |
| BARCINO PROPERTY SOCIMI, S.A | 20,272,000 |
| COLON VIVIENDAS SOCIMI, S.A. | 19,260,000 |
| CORPFIN CAPITAL PRIME RETAIL III SOCIMI, S.A. | 16,991,000 |
| STUDENT PROPERTIES SPAIN SOCIMI, S.A | 13,860,000 |
| NUMULAE GESTIÓN DE SERVICIOS SOCIMI, S.A. | 10,457,000 |
| TARJAR XAIRO SOCIMI, S.A. | 8,843,000 |
| DOMO ACTIVOS SOCIMI, S.A. | 7,739,000 |
| ASGARD INVESTMENT HOTELS SOCIMI, S.A. | 5,623,000 |
| PROMORENT SOCIMI, S.A. | 3,749,000 |
| Total | 23,229,969,000 |
Source: BME & Bolsa de Madrid, 2018
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