Our advice to REITs covers the following services:
We advise on the constitution of the REIT and later we proactively coordinate the process of listing in a Multilateral Trading System (requirement demanded by Art.4) either in BME Growth or Euronext.
What is a REIT?
The REIT are the equivalent, in Spain, of the international player of the REIT (Real Estate Investment Trust).
They are characterized by the following aspects:
• The minimum share capital of the REIT must be 5 million euros.
• They can be established with a single property.
• At least 80% of the properties must be dedicated to rental.
• The assets can be in Spain or outside of Spain and can be shopping centers, hotels, offices, homes, industrial buildings, commercial premises, others (gas stations, campsites, garages, storage rooms,…).
• The assets have to remain in the assets portfolio for at least three years.
• They can invest in other REITs and/or REITs.
• They can invest inland for the promotion of real estate that will be used for said purpose provided that the promotion begins within the three years following its acquisition.
• They must be listed on a regulated market or on a Multilateral Trading System (BME Growth, Euronext,…).
• At least 80% of your income must come from rentals , and/or dividends from your investments in other REITs or REITs.
• They must distribute dividends for:
o At least 80% of the profits obtained from rental income.
o At least 50% of the profits from sales of its assets.
o 100% of the dividends obtained from other REITs or REITs.
What is your tax regime?
• In general 0% Corporate Tax (CT)
• 95% Discount on ITP, AJD (Residential Acquisition)
GENERAL DE GALERÍAS COMERCIALES REIT, S.A
The incorporation into the market has allowed the company to apply the special REIT tax regime, currently being the company with the highest market capitalization in BME Growth (3,600 million €).
Enterprise value: 2.054,00M€
Asset value: 2.007,50M€
Date: July 2017
Market: BME Growth
Armanext Services: Global Coordinator and Registered Advisor