Montepino will carry out a capital increase of €250 million and has announced that it will become a SOCIMI (REIT)i to undertake its IPO, according to a press release issued by Valfondo, the manager of Montepino’s logistics portfolio.
According to the prospectus submitted by Bankinter Logística to the Spanish National Securities Market Commission (CNMV), the capital increase will be for a maximum of 22.76 million shares, representing 36% of the company’s share capital.
Bankinter Investment purchased the Montepino logistics platform in 2021, comprising 22 assets with a surface area of 865,000 m2, with its two largest clients being Inditex and Luis Simoes, which account for 65% of rental income.
This operation has also been joined by GCO, which together with Bankinter and the Vera family (founder of Montepino), make up the company’s core shareholding, with 6.3%, 6.4% and 5.1% respectively. The rest of the capital is divided among the bank’s customers. Once its conversion into a SOCIMI has been activated, the intention is to list it on the stock exchange no later than March 2024.
Ramón y Cajal Abogados advised Bankinter Logística with a Capital Markets team comprising partners Andrés Mas and Carlos Lao, along with lawyers Lucía García Clavería and Jesús Esteban.