Fidere Patrimony Socimi, a company specialized in the professional management of rental homes, has planned to develop businesses in the real estate field, growing on the island hand in hand with tourism. Since 2013 Blackstone has had interests in Fidere, owner of Testa Home; a platform that currently manages the rental of properties. 99% of our homes have no risk of obsolescence and have low maintenance costs, unlike other funds that have had to invest in renovation and then move on to operation.
Fidere's main offices are located in Madrid although it has a delegation in Las Palmas because in the opinion of Juan Pablo Vera, general director of Testa Home and president of Fidere, "we believe that proximity and knowledge of local markets is essential when it comes to to manage our portfolio. Addressing the real needs of our tenants is key. Having branches makes it easier for us to search for new business opportunities.
In 2021, BME Growth attracted five SOCIMIs to launch their listing for a total value of 896 million euros, which represents an increase of 34,26% compared to the valuation of the assets.
of the SOCIMIs that went public a year ago. This is clear from the 'VI Analysis of the evolution of SOCIMIs incorporated in Spain that are listed on BME Growth and Euronext Access', the latter market attracting another 12 SOCIMIs for a value of 1.129 million euros, 6,9% less than in 2020 Adding both markets, there were 17 SOCIMIs incorporated in Spain, with a combined value of 2.025 million euros, which began trading on the alternative stock exchanges of BME in Spain and Euronext Access in Paris and Lisbon.
Fidere Patrimony was released in 2015 just during the turbulence in the markets due to fear of a Greek default. Socimis are listed real estate investment vehicles that are channeling part of the funds of investors returning to the sector, which after years of steep declines due to the brick crisis in the Canary Islands is experiencing a great awakening.
Given this greater investment appetite in the sector and after a change in regulation at the end of 2012 that gives tax advantages to the SOCIMI, eight SOCIMIs have gone public on the Spanish stock market. Among them, there are three in the Continuous Market (Lar, Merlin Properties and Axiare) and five in the MAB (Entrecampos, Mercal, Promorent, URO Property and Fidere). Fidere Patrimony, which began operations in July 2013 and is controlled by Blackstone Real Estate.