With a portfolio valued at 116 million, it starts with a price of 32.6 euros per share.
Valencia, July 24th, 2018. Veracruz Properties Socimi, S.A, a company that owns real estate assets for rent and specialized in the management of its shopping centers, has gone out this morning to the Stock Exchange with a reference price of 32.6 euros per share, which has resulted from an assessment of its assets of 116 million euros and equity value of 76.7 million euros. With headquarters in Gandia, Valencia, begins today in the parquet and becomes the first Valencian SOCIMI to be listed on the MAB. Its portfolio includes 4 shopping centers, 2 geriatric centers and an office plant located in Valencia, Madrid and Córdoba.
For its incorporation to the alternative market, Veracruz Properties Socimi has counted on Armabex as a registered advisor and with the firms Olazábal & Asociados, Lener and Centeco as legal and fiscal advisers. Likewise, its annual accounts have been audited by Grant Thornton, while Valtecsa has performed the valuation of assets and Gesvalt the valuation of the company.
Veracruz Properties Socimi S.A. is owned by shareholders of the Dominican Republic and the Valencian Community. During the bell ring that begins the negotiation of its shares, its CEO, Salvador Fondeur, has valued “the economic boost of Spain in the last year and the legal security offered by this country” as the key aspects that have determined his interest in investing in Spain and, recently, the decision to contribute to the MAB. “Our confidence in Spain and the Valencian Community – which has opened the doors to us to implement a profitable business model, with top-level national human resources – has motivated us to move forward with our investment project.” “Now we want to open up to the national market -continued-, incorporate new assets and continue adding value to our current portfolio”, in reference to the important reforms that have begun in the commercial centers of those that are already owners and managers.
As for the new assets that are projected in its expansion plan, Fondeur has advanced that they will maintain a strategy consistent with the current one, “based on prudence as the main axis and focused on assets in which we already have experience: shopping centers, geriatrics and office premises, given that our investment is focused on attractive growth sectors with the potential to create value through effective commercial management and investment.”
VERACRUZ PROPERTIES Veracruz Properties Socimi SA, owned by the capital of the Dominican Republic and the Valencian Community, began its investments in Spain with the acquisition in 2014 of Plaza Mayor shopping centers in Gandia and Xativa in order to re-launch them commercially. Within this project of revitalization, has invested over 3 million euros in the reform and expansion of the commercial offer of both centers, incorporating some of the main brands of the market such as Inditex, Primark, H & M, Cortefiel, Mayoral or Orchestra, in the textile sector, and La Tagliatella, Foster’s Hollywood, Pans & Company, 100 Montaditos or Black Turtle in the restaurant industry. Black Turtle, in addition, in a clear commitment to promote local operators within its commercial mix. In 2016, it enlarges the size of the fund and initiates a regional diversification approach with the acquisitions in July of the shopping centers Parla Natura (Madrid) and El Arcángel (Córdoba). As in the case of Gandia and Xátiva, in addition to ownership, he also takes charge of commercial management in the case of Parla Natura. In November of that same year, the legal regime of SOCIMI was adopted, a process that today has an important milestone with its listing on the Stock Exchange in the MAB. In 2018, it began a diversification strategy in the type of assets and acquired 3 new properties. On the one hand, a floor of the office building located at number 60th Street Colón in Valencia, having as tenants various State agencies such as the Government Delegation or the Ministry of Justice, and the geriatric San Juan and El Mas, located in Valencia and Torrent, respectively. At this moment, it is immersed in an expansion strategy that aims to expand its investments in the medium and long term with the acquisition of new assets that expand and diversify its portfolio and add value to its shareholders.
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