Spain now knows a market of SOCIMIs that is going through a critical moment, given the maturity and consolidation of this market, after a very fast and significant growth after the crisis, which gave the necessary boost to the recovery of Spanish real estate. These vehicles have, moreover, a recognized importance in the great operations of reconversion and urban development. This was one of the key trends identified at the conference organized by the European Public Real Estate Association, which brings together 80% of European REITs, and by Iberian Property, the VI publishing brand.
The Portuguese presence at the event witnessed how a sector in crisis and initially unattractive can be boosted with foreign investment. Lacks the implementation of legislation to create REITs in Portugal, but until then the country is still on the map of global investors.
For real estate experts, these investment vehicles are advantageous, and have proved its worth in Spain, as demonstrated by the representatives of the main Spanish SOCIMIs who participated in the event. They believe that its implementation has allowed for a more transparent and professional market. Moreover, investing in listed real estate is now more profitable and safer than other apparently more conservative options, in a real estate cycle that is also more favorable, investors say.
SOCIMIs are looking to Portugal
Spanish SOCIMIs such as Merlin Properties or Hispania take an interest in Portugal, where they actively seek investment opportunities and a mean for their international expansion.
During the Iberian REIT Conference, Merlin's leader, Ismael Clemente, stated that the company specializing in offices wants to make acquisitions in Portugal in the near future. It will, in fact, limit its international expansion to our country, for now, where it already has several offices or a shopping center. It wants to add business assets to its portfolio.
On the other hand, Cristina García-Peri, general director of Hispania, specializing in hotels, also revealed interest in the Portuguese market, which "shares many of the characteristics of the Spanish market" in what concerns the tourism industry, and is a "safe and attractive prices", mentions La Vanguardia.