The Socimis that went public on BME Growth and Euronext Access during 2022 have a foreign accent. The international investor accounts for more than 91% of the capital of these vehicles, attracted by the ‘built to rent’ formula. Translated into Spanish, ‘build to rent’ has gained weight throughout 2022, representing more than half of the assets.
The predominance of foreign capital lies in the fact that this formula, which derives from REITs, is more widespread in other European countries. The other great investment leg in these assets is found in family groups, which concentrate 8% of the projects. Looking ahead to this 2023, the family character is expected to gain weight, since it allows a patrimonial restructuring, according to point out from Armanext.
In 2022, a total of ten REITs made the leap to listed markets, five to BME Growth while the other five did so in the pan-European market through Euronext Access, operating in Spain since 2018. In the last three years they have accessed to these parks 41 companies with a joint value of more than 5,000 million. The bulk of this amount has been destined for Euronext, whose volume is 76% higher between 2020-2022.
The volatility in equities as a result of the war in Ukraine has caused a drought in IPOs that has also had an impact on those that have decided to make the leap in Spain, with a 70% reduction. In the past year they only made the leap to the national park Emperador Properties, Ibervalles, Matritense, Inhome, IBI Lion. Looking ahead to this 2023, Antonio Fernández, president of Armanext, is optimistic and believes that it can approach the levels of 2019, the last full year without Covid.
The socimis, which are ten years old as they are currently known, accumulate a market value of almost This behavior has already been observed during 2022, with a reduction in assets of more than 20% in both markets. Since 2013, the highest peak was reached in 2018, with a volume above 5 billion.