A Guide To Spanish REITs - SOCIMIs

This Commentary provides a summary of Spanish Real Estate Investment Trusts ("REITs"), or sociedades cotizadas de inversión en el mercado inmobiliario ("SOCIMIs"), which are governed by Law 11/2009, as amended.

What is a SOCIMI?

SOCIMIs are Spanish-listed companies introduced for the following purposes:

1. the acquisition and development of real estate properties of urban nature for renting (including their refurbishment);
2. the holding of equity stakes in another SOCIMI;
3. the holding of equity stakes in non-Spanish listed companies with the same corporate purpose and subject to the similar mandatory dividend distribution policy as SOCIMIs (the "foreign listed SOCIMIs");