This investment vehicle has appeared in Spain 4 years ago and has already changed the real estate market of the country. Last year, the amount under management of these socimis increased by nearly 85% regarding the previous year.
According to Cinco Días / El País, this amount increased significantly due to the growth in the market value of the properties or the investments in renewal and acquisitions of these companies, which focus on office leases, shopping centers, logistics or hotels, following the fiscal regime created in 2013, capitalizing on international funds.
Merlin Properties is currently the largest socimi controlling assets in the amount of €11,254 million, 15% more than in 2016, with revenues of €463 million and profits of €1,100 million, more than double of the previous year. The remuneration to shareholders in 2018 is expected to be around €235 million.
In the coming months, Axiare will officially incorporate Colonial after the approved takeover bid, creating a socimi with a portfolio of around €11,100 million. And at the end of May, it starts to quote Testa Residencial, with €2,200 million in houses for lease and a capitalization of around €2,600 million.