The possible abolition of the tax regime for listed real estate investment companies (socimis) continues to provoke reactions. The CEO of Merlin, Ismaël Clémenteassured that “The communists of Sumar, with the PSOE, “opened the gates of hell” to the societies.
He referred in these terms to the two groups (which are those which proposed the measure to Congress, as part of the tax reform) during a conference with analysts, during which Clemente gave his vision on this initiative, which led to a fall of more than 7% on the stock market for Merlin Properties on Tuesday.
Clemente assured that the Ibex 35, the index in which Merlin is listed, was affected by the “populism“political. And remember that its price has not yet recovered from the drop caused by the proposal, which has not yet materialized.
Sumar, a party that Clemente called “communists,” agreed with the PSOE on the measure, even though its leader said the socialists “have always declared that they understand the social and economic motivation of SOCIMI“.
According to Clemente, the agreement has not yet achieved sufficient consensus to be approved, “since it was not consulted or supported by the technical bodies of the government or the economic office of the presidency.” Nor by “the Catalan and Basque conservative parties”, in reference to Junts and the PNV.
In any case, according to Europe Pressthe company calculated that, if ultimately approved, The impact would result in a maximum reduction of 8.5% in operating income in 2024.which would reduce the dividend in equal proportions.
The director explained that the tax credits that it still has on its balance sheet following the acquisition of a series of assets Metrovacesis in 2016, they would limit the impact “for a few years and until common sense returns”.
Moving?
He also admitted that there would be no difference between the company staying in Spain or moving to another countrysince their Spanish assets would be subject to Spanish taxes.
However, it indicated that with its current Portuguese assets and those being developed in this country, The percentage of its portfolio outside Spain would reach 20%, which would reduce the impact.
Colonialthe other large SOCIMI present on the Ibex, has also taken stock of the effect that the abolition of the tax regime would have on its activity. As most of its operations are outside Spain, it estimates that its profit would be reduced by 2%.
