Corpfin Capital, a socimi controlled by the Inbest fund, held an Extraordinary General Meeting of shareholders on Tuesday 21 February, at which it unanimously approved the waiver of the application of the special tax regime for socimi of two of its listed vehicles: Corpfin Capital Prime Retail II and Corpfin Capital Prime Retail III.
"In view of the process of divestment of assets in which the Company is immersed and the proposed reduction of share capital set out in point two of the Agenda of this Meeting below the minimum amount established in article 5. 1 of Law 11/2009, of 26 October, which regulates Listed Real Estate Investment Companies (the "SOCIMI Law"), it is agreed to waive the application of the special SOCIMI tax regime in accordance with the provisions of article 13.d) of the SOCIMI Law, with effect from the 2023 tax period", reads the official statement that Corpfin Capital has sent to BME Growth.
Inbest Real Estate was founded by Javier Basagoiti in 2017, and from that moment the company began to manage both Inbest Retail Parks and Inbest Socimi, until the GPF fund took control of the latter in 2020, after an investment of €70 million. One year later, in 2021, Inbest Socimi reached a volume of €229 million in equity, bringing its financing process to an end. Today, the vehicle has approximately 400 million euros in assets under management, located in Madrid, Bilbao and Las Palmas de Gran Canaria.
Upon exiting the socimi tax regime, the Corpfin Capital Prime Retail II and Corpfin Capital Prime Retail III vehicles will have to execute a share capital reduction in order to return shareholders' contributions. The procedure by which the capital reduction will be carried out will be by reducing the nominal value of each of the Company's shares by an amount per share of twenty-six euro cents (€0.26), with the nominal value of the shares being fixed from the current amount of thirty-five euro cents (€0.35) to the nominal value of nine euro cents (€0.09) per share.
