Avenida del Camino de Santiago 40 | Photo Collected From JSS RE Report
This Wednesday, «the Coordination and Admissions Committee of BME Growth submitted to the Board of Directors a favourable report on JSS Real Estate Socimi, following a thorough review of all the information presented by the company», it can be read in the release.
This is the seventh company to be listed in this market this year and it should do it with a 11.6 euro nominal cost per share, which brings its overall valuation to 58 million euro.
For this REIT, being listed at the Spanish secondary Stock Exchange will allow it to «offer its shareholders a liquidity mechanism», and to benefit from a new «financing mechanism to increase the company’s investment capacity by attracting financial resources», it can be read in the incorporation document.
The process also states that Renta 4 Corporate is the Registered Adviser while Renta 4 Banco will act as Liquidity Provider.
A portfolio estimated at nearly €145M
This REIT will enter Spain’s secondary Stock Exchange with a portfolio estimated at 144.97 million euro, corresponding to two office buildings with a total combined area of 24.731 sqm.
The largest building has 21.214 sqm and is located at Avenida del Camino de Santiago 40, in Las Tablas, 15km from the centre of Madrid. This building is estimated at 118.6 million euro and fully leased to FCC for 6 million euro per year.
The other building has 3.517 sqm and is located at number 24 Calle Rios Rosas, «one of the capital’s main office areas». Canal Isabel II is the building’s current occupant and it pays around one million euro per year for the lease.