The Socimi, which is headed up by Luis López de Herrera-Oria will open for trading with an IPO of €360 million euros, which was oversubscribed.
• Axiare Patrimonio will have well-renowned international funds as its shareholders, such as: Perry Capital, Gruss Capital, Pelham Capital, Trowe Price and Taube Hodson Stonex.• The real estate investment company will focus on acquiring commercial properties, primarily offices, logistics platforms and retail parks in Madrid and Barcelona.• Axiare Patrimonio’s Board of Directors is chaired by Luis María Arredondo, former Chairman of Urbis and has a management team comprised of the finest real estate experts in the sector, who have pioneered the most innovative real estate transactions carried out over the past few years. The Socimi Axiare Patrimonio which is headed up by Luis López de Herrera-Oria has successfully covered the initial public offering (IPO) for institutional investors and opens for trading today (Wednesday) on the Spanish Stock Exchange with the ticker AXIA and with a target of €360 million. The IPO saw demand for well over the objective of €360 million and was over subscribed. In addition, it will be one of the most important and unique companies on the Spanish property market, as it is the first Socimi that will be solely dedicated to leasing commercial properties (offices, logistics and retail).
Axiare Patrimonio will issue 36,000,000 new ordinary Company shares at the issue price detailed in the prospectus, i.e. €10 per ordinary share. Axiare Patrimonio’s shareholders include large well-renowned international funds, that are extremely interested in the Spanish real estate market, such as Perry European Investments, Gruss Capital Management, Pelham Capital Management, Trowe Price, Taube Hodson Stonex.
Citigroup and JB Capital Markets were the global coordinating banks for the IPO and joint bookrunners of Axiare Patrimonio’s stock market flotation. Gómez Acebo & Pombo and White & Case’s teams acted as legal advisers for Axiare Patrimonio and Linklaters acted as the advisor for the global coordinating banks.
Axiare Patrimonio will focus its business strategy on investing in high-quality income-producing properties, with strong upside potential. The operating policy will primarily consist of leasing offices in the Central Business Districts of Madrid and Barcelona, as well as in other prime areas outside of the city centre, logistics properties in Spain’s main distribution hubs, as well as established shopping centres. Axiare Patrimonio is a newly incorporated company, which has been founded without any assets, which is known as a ‘blind pool’, which will allow it to take advantage of the opportunities in the Spanish real estate sector. The Socimi expects to invest all of the funds raised from the IPO between 12 and 18 months after it opens for trading. The SOCIMI will focus its efforts on the commercial property sector, primarily in offices (70%), logistics (20%) and shopping centres (10%) in Madrid and Barcelona.
The Axiare Patrimonio Socimi has a team comprised of highly seasoned real estate experts, amongst others: Guillermo Fernández-Cuesta, Fernando Arenas and Stuart McDonald. Axiare Patrimonio’s Board of Directors is chaired by Luis María Arredondo, former Chairman of Urbis and will also include well-renowned names such as Chetan Gulati, Fernando Bautista and David Jiménez Blanco.