SPANISH REITs
Leading the REIT Sector
We are the leading advisor for the incorporation and listing of SOCIMIs (Spanish REITs) across Europe.
Since 2010, we have played a key role in the evolution of the sector, helping develop new market structures while supporting Spanish REITs in remaining at the forefront of the listed real estate market.
SPANISH REITs
An Efficient Structure for Professional Real Estate Ownership
What Are REITs?
REITs are publicly listed real estate investment companies dedicated to the ownership and leasing of urban property. They benefit from a special tax regime designed to promote investment, transparency, and liquidity in the real estate market.
Why Establish a REIT?
They provide families, real estate groups, and institutional investors with an efficient structure for managing property portfolios while benefiting from attractive tax advantages and robust corporate governance.
10th REITs Report 2025
Armanext’s 10th REITs Report 2025 provides a comprehensive analysis of the sector’s evolution, highlighting its increasing maturity and the growing number of corporate transactions taking place within the market.
WHY ESTABLISH A REIT
Key Benefits and Requirements
Main Requirements of the SOCIMI Regime
- At least 80% of total assets must consist of urban real estate intended for lease.
- At least 80% of rental income must be generated from leasing activities.
- Minimum share capital of 5M€
- Properties must generally remain leased for a minimum of 3 years
- Mandatory admission to trading on a recognised stock exchange.
- Annual dividend distribution requirements.
REITs may also invest in other REITs or equivalent real estate investment vehicles.
Attractive Tax Regime
0% Corporate Income Tax and a 95% reduction in Property Transfer Tax and Stamp Duty (ITP & AJD), subject to the applicable legal requirements.
Asset Protection
Separate and professionalise family or corporate real estate holdings through a dedicated investment structure.
Transparency
Listing provides independent market valuation, enhanced transparency, and regulatory oversight.
Succession Planning
Facilitates the orderly transfer of real estate assets across generations.
Access to Capital
An attractive investment structure for raising capital and attracting institutional investors.
Operational Flexibility
Operate efficiently both within Spain and internationally.
SERVICES FOR REITs
Advisory Services Before and After Listing
Market Admission
We act as the overall transaction coordinator for companies seeking admission to the capital markets, managing the entire listing process for SMEs, mid-cap companies, and REITs, while coordinating all external advisors involved.
Corporate Finance
We advise companies on raising capital and attracting investors, helping build a strong and sustainable long-term financial structure.
Investor Relations
We develop each company's investor relations strategy and support communications with shareholders and the investment community throughout the listing process and beyond.
Corporate Finance Transactions
We advise on corporate finance transactions, mergers and acquisitions, investment vehicle structuring, and strategic partnerships.
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FAQ
Frequently Asked Questions About REITs
What Is a REIT?
A Real Estate Investment Trust (REIT) is a publicly listed company whose primary purpose is to invest in income-generating real estate assets. To qualify for the applicable tax regime, it must be admitted to trading on a regulated market or a multilateral trading facility (MTF).
Is a REIT Required to Be Listed?
Yes.
Being admitted to trading is a fundamental legal requirement in order to benefit from the REIT tax regime.
Where Can a REIT Be Listed?
A REIT may be admitted to trading on:
- BME Growth
- BME Scaleup
- Euronext Access
- Portfolio Stock Exchange
- The Spanish Regulated Market
The chosen venue must be a recognised stock exchange or multilateral trading facility.
What Is the Mandatory Corporate Purpose of a REIT?
The primary corporate purpose of a REIT is the acquisition, development, and ownership of urban real estate assets for lease, as well as holding interests in other companies engaged in similar activities.
What Is the Minimum Share Capital Required for a REIT?
The minimum required share capital is €5 million.
What Is the Main Tax Advantage of a REIT?
A qualifying REIT is subject to a 0% Corporate Income Tax rate, provided it complies with all applicable legal requirements.
Is a REIT Required to Distribute Dividends?
Yes.
A REIT must distribute:
- At least 80% of its rental income profits.
- At least 50% of the capital gains generated from the disposal of assets.
- 100% of the dividends received from qualifying subsidiaries.
How Long Must a REIT Hold Its Assets?
Properties must generally remain leased for a minimum period of three years.
Can a REIT Use Debt Financing?
Yes.
There is no statutory limit on leverage, although debt levels are closely assessed by investors and the market.
Is a Minimum Free Float Required?
It depends on the market where the REIT is listed.
Each market establishes its own minimum free float requirements.
Can a REIT Have a Majority Shareholder?
Yes.
A REIT may have a controlling shareholder, provided it complies with the shareholder distribution requirements of the market on which it is listed.
What Happens If a REIT Fails to Meet the Legal Requirements?
A REIT may lose its preferential tax status and become subject to the standard Corporate Income Tax regime.
What Disclosure Obligations Does a Listed REIT Have?
A listed REIT must comply with:
- Periodic financial reporting requirements.
- Disclosure of material information.
- Annual external audit of its financial statements.
- Ongoing compliance with the rules of the market on which it is listed.
Is It Mandatory to Appoint a Registered Advisor?
Yes.
On alternative markets, companies are required to appoint a Registered Advisor throughout the admission process and for as long as required under the rules of the relevant market.
What Are the Main Benefits of Establishing a REIT?
- 0% Corporate Income Tax regime.
- Access to capital markets.
- Professional management of real estate assets.
- Enhanced liquidity for shareholders.
- Greater transparency and regulatory oversight.
HABLEMOS
Considering Establishing or Listing a REIT?
Our team of experts will guide you through every stage of the process—from structuring your REIT to its successful admission to the capital markets.