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ABC Serrano’s Owners’ Socimi Gets Green Light for MAB Listing with €105 Million Valuation

Posted by: In: Real Estate 01 Apr 2018 Comments: 0 Tags: , , , , , , , , , , ,
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28 March 2018

The socimi Serrano 61 is controlled by Banca March, which holds 19.2% of its capital. 40.8% is in the hands of minority shareholders, and another eight partners hold 5% each.

There’s going to be a new socimi debuting on the alternative market. Serrano 61, controlled by Banca March and owner of the ABC Serrano shopping centre in Madrid, will be listed on the Alternative Stock Market (MAB) at 21.10 euros per share, valuing the socimi at 105.5 million euros, according to BME.

The complex is located in the capital’s golden mile, the main commercial area of ​​the city, and is located in a historic building dating to the beginning of the last century. The asset has a lettable area of ​​about 15,000 square meters spread over seven above-ground floors, together with four floors of underground parking.

The Socimi Serrano 61, which has the complex as its sole asset, is controlled by Banca March, which holds 19.20% of its capital. 40.8% is in the hands of minority shareholders, and another eight partners hold 5% each.

The firm is listing itself on the MAB to attract capital and undertake a strategy designed to “maximise” the income generated by the centre “in the medium term”, to “monetise their investment,” according to a prospectus regarding the listing on the MAB.

At the end of 2017, ABC Serrano had an occupancy rate of 86.2% of its total surface area, with fifteen of its 46 stores vacant. Last year, the centre registered losses of 990,000 euros, after taking in 5.30 million euros in rents. Its owners expect to reverse the losses this year, forecasts profits of €2.4 million. To do this, the investors plan to increase revenues to €5.6 million and reduce expenses and amortisations.

Original Story: EjePrime

Translation: Richard Turner

The post ABC Serrano’s Owners’ Socimi Gets Green Light for MAB Listing with €105 Million Valuation appeared first on Aura Real Estate Experts.

Source:: AURA Real Estate Experts

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