Sareb has put the wheels in motion to create a SOCIMI (Sociedad Cotizada Anónima de Inversión en el Mercado Inmobiliario - a listed real estate investment company), with the aim of putting some of the 4,600 income-producing assets it currently holds in its portfolio, as well as other assets, on the market.
Sareb has appointed Renta 4 as its corporate financial advisor for this process and named Clifford Chance as its legal and fiscal advisor.
For the Executive Chairman of Sareb, Jaime Echegoyen, "the decision to create this SOCIMI forms part of the company's strategy to continuously value different ways of increasing its access to the entire investment market, and thereby favour the gradual divestment of all the company's assets".
Juan Carlos Ureta, Executive Chairman of Renta 4, highlighted "the success that this type of investment vehicle has had in the Spanish market, an area in which Renta 4 Corporate boasts tried and tested experience, having advised on the creation and listing of 19 SOCIMI".
For the managing-partner of Clifford Chance, Jaime Velázquez, "the recovery seen in the Spanish real estate sector in recent years would not have been possible without SOCIMI, which have played a key role. Clifford Chance has been actively working with them since 2012, establishing itself as the benchmark legal and fiscal advisor in Spain".
Renta 4 Corporate is the Renta 4 Banco division that will act as the corporate financial advisor, a specialist in Middle Market M&As and Capital Markets. Renta 4 Corporate has played a very active role in the latest share capital increases completed by companies listed on the Spanish Stock Exchange, and advises many companies listed on the MAB (Alternative Stock Exchange) and MARF (Alternative Fixed-Income Market), establishing itself as a leading player in the SOCIMI segment.
Clifford Chance is the leading international law firm in Spain providing highly specialist legal services. With offices in Madrid and Barcelona, it benefits from a team of 150 professionals and an international network of 33 offices across 23 countries, meaning it is able to offer its clients world-class resources. With more than 35 years' experience in Spain, the firm actively participates in transactions at the national and international level and is a benchmark in the main sectors of the Spanish economy. Its specialist areas include: corporate, banking and finance, public law, European Community and EU competition law, real estate, legal disputes, fiscal, labour and industrial and intellectual property.