Liquidez y cotización respecto al valor neto de los activos de los REIT españoles (las SOCIMI)

Abstract

An analysis has been performed, from a financial perspective, on the behaviour of the recently constituted Spanish REITs (SOCIMIs) compared to equivalent investment vehicles in other markets. The aim is to broaden this research field, which has barely been studied so far. It is shown that the creation of a SOCIMI is an effective alternative for companies to obtain liquidity through their real estate assets, compared to other more common alternatives such as the disposal of assets or obtaining bank finance. Furthermore, a model has been defined that can forecast the ratio obtained when dividing market capitalization by the Net Asset Value (P/NAV) of a SOCIMI, which is a key variable for both investors and companies interested in establishing a SOCIMI. Finally, it is concluded that SOCIMI, as an investment vehicle, currently show moderate liquidity levels, nevertheless, a progressive liquidity improvement can be foreseen in the short term once larger SOCIMI are created and historical series about their performance will be available.