The Socimi Torre Rioja is taking a break. Ángel Soria’s family real estate company, valued at 645 million euros, is rethinking its business formula. The company is going to abandon the special Socimi tax regime temporarily, returning to the general regime for one year; meanwhile, it will restructure the company to meet the requirements demanded of Socimis.
Torre Rioja, which had been planning to make its debut on the stock market in 2021, changed its plans in the face of the pandemic, a situation that negatively affected the value of its properties -a portfolio essentially comprising offices located in Madrid- and that jeopardized its ability to comply with one of the Socimi requirements: the asset test. Under this obligation, 80% of an entity’s asset balance must be available for lease; the remainder can be of another type.
Read the full article in Spanish.
