ARMANEXT Presents the VII Analysis on the Evolution of SOCIMIs
Foreign investment leads in SOCIMIs incorporated in 2022
- Foreign capital represents 91.6% of the value of the properties held by SOCIMIs incorporated in 2022.
- Build-to-rent continues to concentrate investor interest in 2022.
- In 2022, 10 SOCIMIs were listed with assets valued at €1.523 billion: 5 SOCIMIs on BME GROWTH with assets of €630 million, and 5 SOCIMIs on EURONEXT ACCESS with assets of €893 million.
- ARMANEXT continues to promote legislative changes allowing SOCIMIs in Spain to invest in agricultural assets, in line with leading European countries.
Madrid, February 23, 2023 – The 10 SOCIMIs listed on BME GROWTH and Euronext Access in 2022 hold properties valued at €1.523 billion. Foreign capital represents 91.6% of the property value, while build-to-rent (constructing explicitly for rental) concentrates investor interest, with 58.5% of assets dedicated to residential housing, compared to 33.5% in 2021. These are some of the main conclusions of the VII Analysis on the Evolution of SOCIMIs listed in Spain on BME GROWTH and Euronext Access, presented today by ARMANEXT, a registered advisor on BME GROWTH and the first listing sponsor authorized in Spain for SMEs on Euronext.
Regarding the role of foreign capital in SOCIMIs listed in Spain, Antonio Fernández, President of ARMANEXT, highlights the continued trend of previous years “led by international issuers.” The professionalism of these investors and their experience in other countries “drives the establishment of these companies in Spain with greater determination.” On whether foreign investors will maintain this leadership in 2023, Fernández explains that “they will monitor how potential changes in the Wealth Tax for Non-Residents investing in Spanish real estate and modifications to the Urban Leases Law may affect them.”
On the growth of build-to-rent, Fernández notes that investor interest in “construct-to-rent” strengthened in 2022, explaining the lower asset values and reduced liabilities, as these SOCIMIs are listed to subsequently develop their activity.
Fernández also points out that “SOCIMIs expected to enter the market in 2023 will have a more family-oriented profile, as becoming a SOCIMI allows for greater transparency, professionalization of processes, and management efficiency. This vehicle also facilitates asset restructuring and offers advantages for family-owned businesses.”
Shareholder composition in 2022: Non-Residents represent 91.6%, family groups 8%, and other shareholders 0.4% of asset value. 76.4% of properties are in Madrid, 22.5% in other locations, and 1% in Barcelona.
Post-pandemic trends: Euronext Access holds the majority of asset value
The evolution of SOCIMIs after the pandemic shows differing investor interest across Multilateral Trading Systems (MTFs). Between 2020 and 2022, 25 SOCIMIs were listed on Euronext Access and 16 on BME GROWTH. The assets listed on Euronext during this period amount to €3.235 billion, 76% more than the €1.832 billion of assets listed on BME GROWTH.
Accumulated SOCIMI assets since 2013
Since 2013, 132 SOCIMIs have been listed: 100 on BME GROWTH and 32 on Euronext Access (operational in Spain since 2018). The total property value at listing amounts to €25.444 billion, a 6.37% increase over the total accumulated until 2021. Assets listed on Euronext are 42% higher in value than those on BME GROWTH.
At the end of 2022, 110 SOCIMIs remain listed: 20 have delisted from BME GROWTH and 2 from Euronext Access.
Regarding the growth pace in 2023, Fernández suggests “we could surpass 15 new SOCIMIs again.”
Agricultural SOCIMIs: bridging Spain to European standards
In 2022, Fernández presented the study “SOCIMIs Go to the Countryside”, advocating for amendments to Law 11/2009 to allow SOCIMIs to invest in agricultural, livestock, and forestry land, similar to other European countries. ARMANEXT has promoted dialogue with public authorities to advance this legislative change, which is currently under consideration by the Ministry of Finance.
Fernández emphasizes the importance of this modification:
- Align SOCIMI investment policies with comparable vehicles in other EU and global countries.
- Provide explicit support for strategic Spanish rural assets, especially post-COVID and amid the Ukraine conflict.
- Encourage new investors to invest outside major urban centers, as currently 77.4% of SOCIMI real estate investments are concentrated in Madrid and Barcelona.
About ARMANEXT
ARMANEXT is a registered advisor on BME GROWTH and the first Spanish listing sponsor on Euronext. We help SMEs and SOCIMIs implement growth and expansion plans using capital markets to access financing, execute corporate operations, and increase visibility. We also assist in incorporating ESG criteria into listing documents to attract responsible financing. ARMANEXT has listed over 40 companies on BME GROWTH and Euronext.
Our multidisciplinary team, led by Antonio Fernández, averages over 30 years of capital markets experience, offering specialized services in fundraising, corporate operations, investor relations professionalization, and legal advisory.
(1) The study uses publicly available information from each BME GROWTH DIIM or Euronext Access ID at the time of SOCIMI listing, covering 2013–2022 for BME GROWTH and 2018–2022 for Euronext Access, including Paris and Lisbon data. It includes SOCIMIs excluded from BME GROWTH and those that transitioned from the SOCIMI segment to the SME expansion segment.
ARMANEXT publishes the VII SOCIMI Study 2022
