US private equity giant Blackstone's Spanish social housing REIT Fidere Patrimonio is planning a listing for Monday on the country's junior exchange.
US private equity giant Blackstone's Spanish social housing REIT Fidere Patrimonio is planning a listing for Monday on the country's junior exchange.
The company, the fifth to be listed in the MAB’s REITs segment, has priced its shares at €21.08 a share, giving the company an overall valuation of €212 mln, according to Spanish press reports.
Fidere began operations in July 2013 and currently owns a portfolio of 2,688 homes across 23 social housing developments, mainly in the Madrid region.
Fidere Patrimonio said it will focus on real estate portfolios owned by Blackstone’s investment funds, while also analysing other market opportunities. The company hopes to reduce its leverage and raise equity for new acquisitions through the listing.
Simiarly, IBA Capital, founded by Jesús Valderrama and Thierry Julienne, two directors of Abedo Asset Management, is planning a listing for its Zambal Spain Socimi vehicle. The fund owns a number of assets including the ABC Serrano shopping centre and El Corte Inglés department store at Plaza de Cataluña in Barcelona.
The company expects to raise around €350 mln from the listing, which is planned for between July and September.
In 2014 Zambal's portfolio generated €9.6 mln in rents.
