The tax agreement concluded last week between the PSOE and Sumar boosted the financial results of the socimis. But it’s not just the big ones like Merlin, Colonial or Castellana propertiesalso small and medium sized.
Based on calculations made by EL ESPAÑOL-Invertia with various financial sources, the possible approval of this agreement involves some 2,200 million euros of medium-sized SOCIMI not yet listed on the stock market in the weeks or months to come, and that they could retreat in the face of a new, less advantageous tax regime.
This is SOCIMI in the orbit of stock exchanges such as BME Growth or Scaleup, Portfolio Stock Exchange or Euronextnotably in Paris for the latter.
Of this, more than 1.1 billion would be channeled through pan-European stock manager Euronext – which counts real estate companies such as MyCampus of Pepa y Morenés (Stoneshield), with 1,000 million alone, or Wellness centers-, while an additional 500 million would arrive via the Spanish SE wallet.
Another Socimi that will soon meet the legal two-year deadline to go public is Smart Living Properties, from Bestinver. More precisely, in September 2025 and with 150 million in its strategic plan.
Two political sides
These SOCIMI and many others are closely following the political negotiations on the issue and Junts and PNV face Podemos, ERC and Bildu. The PSOE and Sumar pivot to the center of the equation, trying to gain support from their inauguration partners. This Monday afternoon, if there is no third postponement, the Finance Commission will take place during which the tax package will have to be voted on.
For the moment, no SOCIMI has paralyzed its IPO process. But everyone is worried about the future of tax reform. If the vote was positive, this would open the door to cancellations of their respective plans to access the trading floor.
Santiago Navarro de Andrés, co-founder and CEO of Portfolio SE, considers that “the worst of all this would be “not attract new foreign investments in the Spanish real estate sector, nor make more investments in Spain” by the societies.
Furthermore, he emphasizes that if the tax reform is approved, our country would find itself faced with a very delicate legal situation, similar to the one it has already experienced with the reduction of renewable energy premiums and for which Spain now assumes huge arbitration awards against him. .
Financial, real estate and legal experts highlight two lifelines for these small and medium-sized companies if their corporate tax ceases to be 1%.
Those who have part of their portfolio in housing could switch to the pension system. Entities dedicated to leasing (EDAV)a kind of little sisters of Socimis and who benefit from a 40% bonus on corporate tax applicable to the part of the total share which corresponds to income from the rental of housing.
Recall that article 21 of the Corporate Tax Law (LIS) is also included, which allows an exemption (95%) to avoid double taxation of income derived from the transfer of shares subject to certain relative conditions to the percentage are met. of participation (at least 5%) and the duration of holding of said participation (one year). Socimi promoters usually turn to this article when debating whether or not to create them.
Navarro de Andrés, from Portfolio SE, points out a possible undesirable effect that the PSOE and Sumar have not taken into account: “If many socimis react and become a limited company or a public limited company, the opacity of the sector will be much greaterwhereas today it is a very transparent industry thanks, precisely, to SOCIMI.
