30/10/2014 – Expansion
Spanish companies TPF Consultora Inmobiliaria, Ética Patrimonios and La Nave Consulting are giving the finishing touch to the IPO of Triangle, innovative Socimi (REIT in Spain) whose activity will focus on the logisitics sector.
The freshly established firm foresees investments of €100 million in the execution phase and then of €150 million in the subsquent realization phase.
Year-to-date, Triangle, advised by the Garrigues lawyer office, could count on equity of a large U.S. fund and still it looks for a partner or two to team-up in short-term.
Fernando Ibáñez, CEO at Ética Patrimonios, informed that ‘the mandate and the committed funds from a big-name foreign fund that did some business in Spain are already there. We would fancy welcome some other investor, though’.
The expert put emphasis on the fact that Triangle will be ‘the first and only Socimi specialized not solely in retail and offices but also in logistics assets, a segment with a huge potential’ as its returns post higher than 7% annually and if financial leverage added, the product’s ROI may bring up to 15%‘.
Triangle’s team has already localized and identified 400.000 square meters of logistics parks, mostly found in Barcelona, Madrid, Valencia, Zaragoza and Murcia bound to make the portfolio of the Socimi up.
‘We aim at floating Triangle within 12 months‘, the executive assured.
The Socimis do not pay the Corporate Tax, currently standing at 30%. In order to enjoy the relief, the company must give out dividends on 80% of proceeds from renting, 50% of capital gains obtained from asset sales (not applicable to re-investment) and 100% of profits from investing in other REITs.
Fernando Ibáñez maintains that ‘although the first Socimis were listed with view to taking advantage of the market circumstances and diversification, currently there are more and more investors who demand specific specialization, like in offices, industrial, commercial or logistics. These vehicles are the so-called Socimis 2.0′.
Original article: Expansión (by A. Antón)
Translation: AURA REE
Source: AURA Real Estate Experts