Peter Korbačka and Sonae Sierra have finalised the process of creating its real estate investment vehicle Trivium Socimi (Spanish acronym for a REIT) and having it listed on the Alternative Stock Market (MAB by its initials in Spanish).
The Socimi entered the market following a capital increase of 255 million euros, the majority of which was subscribed by Peter Korbačka and Sonae Sierra, which will also be in charge of the property management of the assets. The opening price of Trivium shares on the stock market will be 51 euros.
Trivium Socimi was conceived as an investment vehicle with a focus on leasing, through its subsidiary Iberian Assets, the stores located at GranCasa (Zaragoza), Max Center (Bizkaia) and Valle Real (Cantabria) Shopping Centers, which were acquired in December 2018. These assets, which have a total gross lettable area of 116,437 sq m, are all in consolidated locations near major population centers.
Trivium’s strategy will consist of maximising the income generated by the assets it owns, focusing its efforts in providing a quality experience to its clients and in improving the offer of the shopping centers. In this respect, the Socimi (REIT) has already started working on an ambitious plan to renovate and reposition the assets, with an estimated investment of 38.8 million euros for the period 2019-2022.
In respect to this launch, Peter Korbačka stated that “Starting this investment vehicle together with Sonae Sierra is a guarantee of success. Spain is one of the most solid real estate markets in Europe, and Trivium is a great opportunity to continue as market leaders.”
In turn, Fernando Oliveira, CEO of Sonae Sierra, highlighted that “Trivium Socimi is a vehicle which we consider to be an excellent opportunity to offer attractive returns to its current and future investors.”