Wednesday, January 19, 2022
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Tenant Departures Weigh Down on the Accounts of the Socimi that Owns the ABC Serrano

The Board of Directors of Serrano 61, whose largest shareholder is Banca March, set a starting price of €21.10 per share and valued the company at €105.5 million.

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The Socimi Serrano 61, the owner of the famous shopping centre located on Paseo de la Castellana in Madrid, closed the year with a profit of €866,890, down by 51.4% compared to the €1.7 million registered in 2018, and below the €1 million forecast in its business plan.

The Socimi’s revenues fell by 15.8% YoY to €4.23 million, in part due to the effects of the closure of stores due to the pandemic, as well as the retail crisis. “The main reason for the lower than expected operating result is due to the impact caused by the departure of several tenants before the end of their leases, as well as to specific agreements with certain tenants,” explained the company in a statement to the stock market regulator.

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