The socimi Orion Rental, incorporated in June 2023, will be listed on the Portfolio Stock Exchange (Portfolio SE) under ticker ORIO, with an initial price of €1.34 per share, which values the company at €13.4 million. According to the company itself, Orion Rental is the first Canary Islands socimi dedicated to the development of subsidised housing for affordable rentals listed on a Spanish market, and the third in Spain focused on social rentals, together with Primero H Inversión Social Socimi and Techo Hogar Socimi.
Orion Rental is focused on providing housing solutions to address the shortage of subsidised housing in the Canary Islands and the lack of accommodation for employees in the tourism sector in the main areas of the archipelago. Its strategy includes the incorporation of rental options with mechanisms that facilitate tenants' access to property, with discounts of 20% off the price stipulated in the subsidised housing regulations.
The company prioritises the refurbishment of existing properties rather than the construction of new buildings, seeking to reduce environmental impact. In December 2023, it acquired nine unfinished buildings in Granadilla de Abona, Tenerife, which will create 315 new homes, including 60 for families who currently occupy some of these buildings in an irregular manner.
A 15.97% stake in Orion Rental is held by strategic partners such as Antonio Catalán (founder of AC Hotels), Canarian Hospitality and MGM Capital. Canarian companies committed to regional development account for 45.82% of the capital, including Cajasiete Caja Rural, Grupo Acosta Matos and other local players. The remaining 37.46% is held by 55 shareholders, mainly SMEs, self-employed and professionals, who have channelled the Reserve for Investments in the Canary Islands (RIC) into this initiative.
Orion Rental's assets are managed by AGM Canary Asset Management, led by Víctor Martí, José Acosta and Francisco Mario Matos, with extensive experience in property management. In addition, the IPO has been advised by SMN Advisor Abbaco Markets, a team that will continue to support the socimi in its next steps.
The company plans to continue developing subsidised and social housing in the Canary Islands, using the RIC to finance projects that contribute to access to affordable housing and local economic development. This approach seeks to attract both investors and citizens interested in sustainable and accessible housing solutions.