The Spanish division of Unibail-Rodamco is adopting the tax-efficient SOCIMI status, the Spanish equivalent of a real estate investment trust or REIT.
The Spanish division of Unibail-Rodamco is adopting the tax-efficient SOCIMI status, the Spanish equivalent of a real estate investment trust or REIT.
The Franco-Dutch property group owns a portfolio of 16 shopping centres in Spain, valued at €2.5 bn. In total, Spain represents around 10% of Unibail-Rodamco's retail portfolio in Europe.
Real estate investment trusts, also known as SOCIMIs in Spain, were introduced in the country in 2009 with scant success but recent changes including more flexible listing requirements have roused investors' interest.
'The changes in Spanish legislation will inevitably improve long-term investors' interest in the real estate market, adding liquidity and solvency,' commented Simon Orchard, head of Unibail-Rodamco in Spain.
UK retail specialist Intu Properties is also planning the launch of a Spanish REIT next year.
According to those who track the market, companies that have already launched their own SOCIMI structure include local property group Renta as well as UK private equity firm Oion Capital Managers.
London-based Orion in particular is understood to have adopted the tax-efficient tructure for the special purpose vehicle owning the Plenilunio shopping centre in Madrid.
