Spanish REIT Torimbia starts trading tomorrow

The Board of Directors of Madrid’s Alternative Stock Exchange (MAB), BME’s Growth Market, has approved the listing of a new Spanish REIT, Torimbia SOCIMI S.A. which traces its origins back to 1966 when Tecu, S.A. was founded (later Inmolevante S.A.) and is owned by the Fernández-Ordás family.

Torimbia’s portfolio is composed of 8 properties with a total GLA of 34,620m² all of which are located in Madrid: 3 are five star hotels managed under the NH Hotels and Urso brands, 3 are high street units and 2 are office buildings.

The valuation as at December 31, 2018 amounts to to €221.5 million according to Savills and is broken down as follows:

AssetTypeGLA (m²)Valuation (€)
NH Collection Paseo del PradoHotel 6.155   46.3M
Hotel UrsoHotel 8.396   38M
NH Collection Palacio Conde TepaHotel 7.438   26.6M
Serrano 88 (Offices)Offices5.530   50.5M
Serrano 88 (Retail)Retail1.475   20.2M
Goya 24Offices4.355   33.3M
Pintor Rosales 18Retail697   2.6M
Descubridor Diego Ordás 1Retail574   1.9M
34.620   221.5M

This will be the twelfth REIT to list on the MAB in 2019 and is scheduled to start trading tomorrow, on the 26th July with a reference value of €27.40 euros per share bringing the market capitalisation to €140 million.

The company’s ticker symbol will be “YTRM” and Renta 4 has acted as registered adviser as well as liquidity provider.

About the Fernández-Ordás Abarca Family

Throughout the second half of the 20th century, the Fernández-Ordás family founded Grupo Gesa a network of petrol filling stations throughout Spain under brands such as Repsol, Galp and BP. Their holding, Torimbia, S.L., held the PFS portfolio until 2017 when it was sold for over €200 million.

With a 26.94% stake, María Cristina Fernández-Ordás is the main shareholder of the new REIT. She studied biology at the Complutense University and has been a board member of various companies including Inmolevante and Grupo Gesa.

Javier Fernández-Ordás, with a 26.26% stake, will be the CEO of the listed fund. He holds a law degree from the C.E.U. San Pablo University and has been director of Thinkproject Iberian as well as board member of various companies including Inmolevante, Grupo Gesa and First Data Ibérica.

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