The Santos Tejedor family plans to list its socimi, Nordeste Properties, which specialises in the rental management of its 12 luxury hotels in Spain, valued at a total of 630 million euros and located throughout the country, according to Europa Press.
BME's market coordination committee has confirmed that Nordeste Properties meets the necessary requirements to enter the BME Scaleup segment, aimed at companies in the growth phase.
Managed by the eight Santos Tejedor brothers, successors to the hotel and real estate businesses of their father, José Luis Santos, the socimi owns 13 buildings that are leased to their own company, Hoteles Santos, which is responsible for operating these assets.
Within its portfolio, Nordeste Properties has outstanding properties such as the Gran Hotel Miramar in Malaga, Hotel Las Arenas in Valencia, Hotel Porta Fira in Barcelona, Hotel Nixe Palace in Palma de Mallorca, among others. They are currently renovating a property in Valencia to transform it into a five-star hotel with approximately 170 rooms, which will bring the socimi to manage 13 four and five-star hotels, totalling more than 3,000 rooms in total.
During 2023, Nordeste Properties reported revenue of EUR 35.5 million, representing an increase of 37% compared to the previous year. The net result was €22.5 million, tripling the 2022 revenue.
The management of the socimi is headed by Ana Isabel Santos Tejedor as chairwoman and María José Santos Tejedor as vice-chairwoman, who together with María José Cabeza, Juan Antonio Sáiz and Miguel Ángel Rodríguez García, form part of the board of directors. The eight Santos Tejedor siblings represent approximately 99% of the company's shares.
An independent valuation carried out by VGM Advisory Partners has valued the company at 629.62 million euros, with a reference price per share of 12.60 euros, reflecting the economic state and market position of the company, according to a detailed analysis by an independent expert.