The first six months of the year were good for the Spanish stock market. The Ibex-35 index, which brings together the 35 largest Spanish companies by market value, 16.5% revalued in the first halfIt rose from 8,229 basis points to 9,593. Listed real estate companies recorded mixed performance: declines in the largest socimis (companies with rental assets) and significant revaluations of contractors; However, the underlying trend is that they have only recorded a decline since the outbreak of the pandemic.
Colonial and Merlin Properties, the two largest Socimis, owners of office buildings, the first and logistics warehouses, shopping centers, as well as offices, the second suffered a decline. Colonial 7.7% down; while merlin 10.5% gavealthough it has been dispersed, 0.24 euro dividend for each participation
These two companies are most affected by this macroeconomic environment. Because? The increase in interest rates is associated with the value of real estate assets and this has an impact on real estate socialists. For the time being, this event did not occur in the massive declines in the value of Merlin and Colonial’s assets because They can reflect inflation on the rents they receive from their tenants., however, the market predicts that setbacks may come at any time. During Merlin’s last Shareholders Meeting, CEO Ismael Clemente urged shareholders to “remain calm as the company’s operational level is at a critical level,” assuring that “we are in one of the historical cycles where the market sometimes overreacts and this occurs.” optimal state”.
The third most important society in terms of liquidity in the stock market, s Spainexperienced a significant increase in its shares. Company led by manager Grupo Lar 29.2% revalued, almost twice that of Ibex-35. The company, which specializes in shopping centers in the first half of the year, paid out 59 cents per share as dividend with its shareholders. In the case of Lar España, the market doesn’t punish it as much as Merlin or Colonial because shopping malls tend to go bad earlier and now, after electronic commerce is consolidated, they start attracting investors. And that didn’t end with the physical.
Supporters lead the rise of real estate agents
Although Lar España experienced one of the biggest increases in the entire real estate industry, it was overtaken by the developer. Aedas Houseswho’s? shares rose 30.6%The report was supported by information released by ElEconomista that its largest shareholder, North American fund Castlelake, is investigating launching an IPO for the company’s take out. Aedas shares are up more than 50% since the last lows recorded in March this year, even though the IPO price is still 40% below. In addition, the company, led by David Martínez, distributed one euro in dividends to its participants, so the revaluation including this shareholder fee was 37.8% in the first six months of the year alone.
Other listed developers, Neinor Houses And MetrovacesaMoreover Both rose more than 12% on the stock market.. In this first half of the year, Neinor announced a new Business Plan in which it will invest up to 1,000 million for the coming years and raised the price in the days following the announcement. Metrovacesa’s shares, on the other hand, followed a fluctuating course with sharp increases in the first weeks of 2023 and decreases in March. The organizer, which is controlled by Banco Santander, BBVA and Carlos Slim, paid out a dividend of 0.33 euros per share in May.