Spain’s REITs reach a market cap of €23 billion.

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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