Summer is, for many, the best time of the year. It is a time to enjoy, rest, and spend more time with family and friends. In short, it suits (almost) everyone, and the big real estate companies are no exception.
Colonial and Merlin Properties, the two most important listed real estate companies in Spain – with a combined market cap of more than four billion euros – have seen their shares soar by more than 10% in July and August, a period in which the Ibex 35, the main Spanish index, rose by just 0.3%.
Shares of Colonial, the socimi chaired by Juan José Brugera, which has just acquired 98.3% of the French company SFL with its takeover bid, have risen by 10.3% this summer, to 9.165 euros as of 31 August (on 30 June, the company’s shares closed at 8.308 euros).
In addition, Merlin Properties, a socimi managed by Ismael Clemente, has rebounded 13.3% on the stock market to 9.894 euros per share at the end of August, compared to 8.736 euros in June. At the end of July, Merlin reported that its profit multiplied in the first half of 2021, even as revenues fell.
