The company made a debut with a share value increase of 5%
• Initial value of shares is 6 euros
• The listing operation aims at transforming the company in the referential REIT for the retail sector
• Renta 4 Corporate acted as registered advisor, and Renta 4 Bank as liquidity provider
Madrid, 25 de julio de 2018 – Castellana Properties (YCPS), Spanish REIT specialized in the acquisition, management and refurbishment of retail real estate assets, has been introduced into the Spanish Alternative Stock Exchange Market (MAB for its initials in Spanish), in the REIT segment, today, July 25th. The ceremony consisting on rigning the bell took place in the Palace of the Stock Exchange Market in Madrid, leaded by Laurence Rapp, CEO of Vukile, Alfonso Brunet, CEO of Castellana Properties, and Lee Morze, CEO of DREAM. The initial share price was 6 euros, which increased 5% in the first exchanges.
Laurence Rapp, CEO of Vukile explains that “the listing of Castellana Properties is a major milestone in the internationalization of Vukile, a processed guaranteed by MAB’s supervision in terms of responsibility and transparency”. “The stability of the Spanish real estate market has raised the interest of South African investors, who find an opportunity with high potential for growth, capable of generating positive income ratios in a strong currency like the euro”, added in reference to the interest of the South African company in the Spanish retail real estate market, where they already have 15 assets and have imminent plans to continue growing.
For Alfonso Brunet, CEO of Castellana Properties “being listed in the MAB as a REIT offers major advantages in addition to the tax ones in comparison with other legal personalities such as an easier fundraising for new projects requiring a particular financial effort. Additionally, it will help raising awareness among clients, partners, and investors, strengthening our positioning and valuing in the market our high standards in terms of quality, transparency and solvency”.
Lee Morze, CEO of DREAM, shareholder of Castellana Properties, highlighted that “the listing has prepared us to embark into larger operations, always keeping in mind the difference between the Spanish retail industry, offering a high-quality experience for brands and their client, by means of an active management strategy where proactivity and innovation play essential roles”.
The incorporation in the MAB of Castellana Properties was completed through listing and the exchange will be done through fixing. The ticker is YCPS. The company aims at becoming a referential REIT in the retail industry.
The Board of Directors of Castellana Properties established the value of reference for each of the share values on 6 euros, adding up to a total value of the company of 204 million euros.
Castellana Properties designated Renta 4 Corporate as registered advisor, and Renta 4 Bank as liquidity provider
The shareholders of Castellana Properties have the intention to maintain their positions in the capital. Currently, 97.4% of the company belongs to Vukile Properties Limited, while 2.5% of the shares belong to minority shareholders and the rest 0.1% are treasury shares.
About Castellana Properties:
Castellana Properties Socimi is an investment vehicle in the Spanish real estate market, focused on the acquisition, ownership and refurbishment of retail real estate assets for rent. The company, founded in 2016 under the Spanish legal framework for REITs, is a subsidiary of South African REIT Vukile Property Fund.
The company owns 15 assets in Spain: C.C. Habaneras (Alicante), Parque Oeste (Alcorcón); Parque Principado (Asturias); Mejostilla (Cáceres); La Heredad (Mérida); La Serena (Villanueva de la Serena); C.C. Motril (Granada); Kinepolis RP (Granada); Kinepolis S.C. (Granada); Ciudad del Transporte (Castellón); Marismas del Polvorín (Huelva); Alameda S.C. (Granada); Pinatar Park (Murcia). The company also owns two office buildings, one in Madrid and the other one in Seville.