SOCIMIs. Stability and investment in the real estate sector
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Since their birth, las Sociedades Cotizadas de Inversión en Mercados Inmobiliarios (SOCIMIs), have proved a success in both financial tearms and their evolution.
In just over 6 years, over 70 SOCIMIs have been admitted to trading, with total current real estate investment volumes close to €50 billion and a market cap in excess of €22.3 billion. During this period, Spanish SOCIMIs have paid out dividends to shareholders totalling €1.394 billion and have hiked capital levels on 48 occasions to raise €8.395 billion, while trading volumes on Spanish exchanges amounted to €34.662 billion as of 31 December 2018.
SOCIMIs have become a recurring source of financing to take on new projects, while improving the transparency and visibility of the sector. Thanks to their presence on the stock market they have opened up to institutional funds and regional and national sovereign wealth funds for which, up until the current real estate cycle, Spain represented neither a liquid nor attractive destination.