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Torre Rioja becomes a REIT and is preparing to start being listed
19 May 2020 |

After becoming a REIT in March, real estate company Torre Rioja is now preparing to start being listed at one of Europe’s markets.

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Torre Rioja, Madrid | Photo Collected From Google Maps

Despite not having yet determined on which market it will be listed, Torre Rioja should have the process concluded until the beginning of 2022 so as to comply with that REIT regime requirement.

Its portfolio, estimated at more than 617 million euro in 2018, allows it to consider entering the Spanish continuous stock Exchange, the Mercado Alternativo Bursátil (MAB) or Euronext. Thus, according to Spanish newspaper Cinco Días, its entry on MAB will be the most likely option, since it is more advantageous for a family-owned company to enter a market with fewer minority shareholders.

Torre Rioja has a diversified portfolio which includes 11 office buildings (such as the AA81 and AA79 in Madrid and Torre Rioja); 3 housing buildings, 2 hotels (Alcalá Norte and Pío XII); 6 parking and also 2 terrains with more than 7.000 sqm for construction.

According to the same newspaper, some of the company’s properties are corporate headquarters for such companies as BNP Paribas, Axa, Roche, Lar España, Volvo, Ikea and Aon.