Large international real estate investment funds have traditionally been kings of the Socimi regime. An institutional formula created during the Zapatero government and introduced during the Rajoy government To attract investment after the crisis that broke out in the international arena in 2007. .
Without going any further, these funds accounted for 91% of asset value Traded on different exchanges in 2022. One of the obligations of the Socimi regime is to be listed on a regulated market within two years in exchange for 0% corporate tax, provided that 80% of its profits are distributed as dividends. Last year, ten Listed Real Estate Investment Companies closed in public offerings, five on BME Growth (formerly the Alternative Exchange) and five on Euronext Access. However, despite launching in both markets, Euronext Access accounted for 76% of asset value, underlines the report from Armanext, a business advisor on the IPO. In parallel with the existence of these two markets, two new markets have emerged: Portfolio Exchange and Securitize.
Spain is the second country with the most SOCIMIs in the world, with a total of 110 SOCIMIs as of 31 December 2022.. This figure does not take into account the two listed on the Ibex-35 or the Perpetual Market. Over the past ten years, 100 real estate companies have been listed on BME Growth and 32 real estate companies on Euronext Access; 20 were delisted from the primary market and two from the secondary market. The years in which they multiplied the most were between 2015 and 2019, when companies with assets between 3,650 and 5,050 million euros went public. In total, 25,444 million properties have been made public since the establishment of the Socimi regime.
Families take responsibility for funds
Although only 8% of listed assets come from family assets, these will become important in 2023. At least 35 of them should go public in 2023 and 2024, reports Antonio Fernández, President of Armanext. Of the 10 who could soon do so, which could rise to 15, half are controlled by family assets or private investors., this last profile corresponds to big businessmen who have sold their companies and are now investing in real estate. One of the positive aspects of this phenomenon is the improvement in transparency, professionalization of processes, efficiency in management, facilitates asset restructuring and brings advantages as a family business; According to the company consulting on the IPO.
One of the biggest trends of 2022, housing intensifies the greatest appetite while creating Socimis. “58.5% of assets correspond to residences compared to 33.5% in 2021. The rental building consolidated in 2022 and this explains the lower value of assets and the decrease in liabilities as they are Socimis listed on the hope list. ” points to the Armanext study.
One of the points that gives the most uncertainty to this market, Wealth Tax, which came into force in the last bar of last year. This new tax obliges foreign companies to pay this tax, with more than half of their assets investing in real estate assets in Spain. In addition, the calculation will be made on the total assets of the company, regardless of whether they have capital outside of Spain. According to Armanext, this could hinder the new arrival of foreign capital in Spain.