The digital stock exchange Portfolio Stock Exchange has announced this Friday the incorporation to trading with immediate effect of the socimi Atolón Capital Partners with a valuation of 40 million euros. The operator, which is authorised by the Spanish Securities and Exchange Commission (Cnmv), explained in a statement that the board of directors of Atolón has taken as a reference for the start of trading a price of 2.21 euros per share, which implied the aforementioned valuation of forty million euros.
Atolón, which will be listed under the Atln ticket and has been advised on its stock market debut by the legal firm Pinsent Masons, is a residential investment company focused on renting to students and young professionals. Currently, the socimi has a portfolio of almost 400 rooms located in Madrid, while the stated short-term objective is to expand the business to one thousand rooms and leverage to reach fifty million euros.
On the other hand, Atolón has a close relationship with Orienta Capital, an asset management company belonging to the Mutua Madrileña insurance group and one of the promoters of the project. Álvaro Blázquez, director of Atolón and director of MadridEasy, said that the transaction is "a crucial step" towards the goal of expanding the supply of accessible accommodation for students and young professionals.
The head of alternative investment at Orienta Capital and director of Atolón, Luis Miguel Corral, added that "this milestone not only reflects the strength and growth potential of Atolón in the residential market for students and young professionals, but also underlines Orienta Capital's commitment to alternative investments and the real economy".
Commenting on Atolón's stock market debut, Portfolio Stock Exchange CEO Santiago Navarro said it is "a great sign" that its model is reinventing the capital markets and that clients value it.