Spanish REIT to start trading on MAB
The Mercado Alternativo Bursátil (MAB), a sub-market of Bolsas y Mercados Españoles (BME), has submitted to the board of directors a favourable report on the Spanish REIT Optimum III Value-added Residencial Socimi, stating that the company is eligible for admission to the market, following a review of all the information presented by the company.
The company – the 33rd REIT to list on the MAB – is scheduled to start trading on 16 May, pending the approval by the board of MAB.
The company’s trading code will be “YOVA” and trading will be through a price setting mechanism which will match buy and sell orders by means of two daily auction periods or “fixings”. Arcano Valores is acting as registered adviser and BNP Paribas as liquidity provider.
Based on the two capital increases carried out prior to the listing, to the value of €53.9m, the reference value set by the company’s board of directors for each of the shares is €10, which brings its overall valuation to €54.03m.
Optimum III Value-added Residencial Socimi is a REIT managed by BMB CAP Management, which is concerned with the acquisition of a portfolio of value-added residential real estate assets, requiring some renovation work in order to maximise their value and are located mainly in the urban areas of Madrid and Barcelona. The company’s portfolio currently comprises 6 properties.