Italy's securities market regulator Consob has approved the changes to the Italian stock market that will allow real estate investment companies to be traded in the country from 23 July. Real estate investment trusts, called SIIQs in Italy, will be traded on the Expandi market under the new category Real Estate Investment Companies (REIC).
Italy's securities market regulator Consob has approved the changes to the Italian stock market that will allow real estate investment companies to be traded in the country from 23 July. Real estate investment trusts, called SIIQs in Italy, will be traded on the Expandi market under the new category Real Estate Investment Companies (REIC).
A minimum market value of EUR 200 mln as well as a 35% free float is required for flotation of REICs. These companies must also comply with other requirements, including special disclosure obligations, aimed at increasing transparency. The legislation for SIIQs was rubber-stamped by Italy's deputy economic affairs minister Vincenzo Visco last May.
Other real estate companies, that do not intend to qualify as a REIC, may apply for admission for trading on the MTA market, Consob said in a statement. Additionally, Consob has approved a decision taken by Italy's stock exchange Borsa Italiana during its latest shareholders' meeting to increase the minimum capitalisation required for the admission of new property firms. The minimum capitalisation now required is EUR 200 mln, up from EUR 40 mln.