MADRID, Spain-Lar Espana Real Estate Socimi SA, an investment entity similar to a REIT, will become the first new Spanish company since 2011 to execute an IPO.
Lar Espana has reportedly filed papers for an early March launch that will involve the sale of around $560 million (EURO 400M) of shares.
According to a Bloomberg report that cited filing documents,the Socimi, a Spanish structure similar to a real estate investment trust, will sell 40 million shares at 10 euros each and plans to list around March 6. The fund, will focus on distressed assets in Spain, and is managed by Grupo Lar, a real estate group controlled by the Pereda family with around $2.2 billion (EURO 1.6B) of assets, Bloomberg says.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
