The Iberian Property Investment Awards, organised by Iberian Property, are gearing up for the awards ceremony of the second edition of these awards, which will take place on the 25th of June in Madrid. These awards recognise and reward the most outstanding players and projects in the real estate investment sector in Spain and Portugal throughout 2023. One of the awaited categories is "Financial Innovation of the Year", which recognises initiatives associated to investment financing and capital markets, such as – creation of new vehicles, launching of new Socimis or capital raises, financial innovating strucutures, bonds emissions, and other restructuring debt and equity operations.
The Finalist projects and players competing in this category are:
LAR ESPAÑA – GREEN BOND ALLOCATION
LOCATION: Spain.
SECTOR: Retail.
DATE: Q3 2023
HIGHLIGHTED FEATURES: Innovative financial structure with own funds reducing indebtedness from 38.9% to 37.6%, followed buy a bond buyback with positive result of €20M.
After completing the bond issues, Lar España was able to reduce its indebtedness from 38.9% to 37.6% of total asset valuation. The debt was now concentrated in senior unsecured green bonds, which amounted to a total of €590 million. This strategy not only improved the company’s capital structure, but also strengthened its competitive position in the real estate market.
In addition, this transaction allowed the company to maintain solid liquidity, with funds in excess of €100 million, which positioned it favourably for future investment and growth opportunities.
PORTFOLIO STOCK EXCHANGE – THE PLACE TO BE FOR SOCIMIS
LOCATION: Spain.
SECTOR: Listed Real Estate.
DATE: Q3 2023
HIGHLIGHTED FEATURES: Creation of a new listing option for Spanish SOCIMIs and EU REITs; All-in-one solution, bank & paying agent, broker, custodian opening securities.
In Spain, SOCIMIs (Spanish REITs) enjoy significant growth and attention as a tax efficient structure to carry out any real estate investments from both domestic and international investors. As SOCIMIs continue to proliferate, the choice of listing venue becomes a critical decision with a significant impact on their cost structure, equity valuation, time allocation, and compliance.
s such, the Portfolio Stock Exchange (“PSE”) was created with the goal of becoming the optimal listing destination for Spanish SOCIMIs and EU REITs. PSE’s proposal is based on three key pillars: (1) the elimination of expendable middlemen; (2) improving cost and time allocation efficiency; and (3) providing a tailor-made solution for each client.
SONAE SIERRA – CTT IMO YIELD
LOCATION: Portugal.
SECTOR: Retail, Logistics, Residential and Offices.
DATE: Q4 2023
HIGHLIGHTED FEATURES: creation of a Collective Investment Vehicle to manage around 400 properties and increase value shareholder.
In 2023, Sonae Sierra and CTT created a Col- lective Investment Vehicle (CIV), under the name CTT IMO YIELD. Setting a long-term relationship between the two companies and a group of investors, the transaction had an agreed value of €138 million, and the properties total circa 240,000 sqm of gross lettable area with multiple uses such as retail, logistics, residential and offices.
The vehicle is an innovative solution that will be focused on the management of a part of CTT’s real estate assets with unique characteristics, covering around 400 properties, many of which drenched in history.
More categories in the Iberian Property Investment Awards:
These finalists represent excellence in real estate transactions in Spain in 2023, and the winner will be revealed at the awards ceremony - a Gala Dinner celebrated on 25th of June in Madrid, coinciding with the Spanish Real Estate Summit. In addition, full details of the other finalists will be announced in the coming days for the other categories that mark the premiere of these awards, which are:
- Deal of the Year in Spain
- Deal of the Year in Portugal
- Green Asset Initiative of the Year
- Social Impact Initiative of the Year
- Research Report of the Year
- Commercial Leasing of the Year
- Marketing Initiative of the Year
For more details on how to join Iberian Property in this celebration click HERE