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Residential REIT lists in Spain

Optimum Re Spain SOCIMI made its debut on Madrid'salternative market Sept. 28.

Its shares closedat €10.30 apiece, up from the €10 opening price. The new housing-focused REITis valued at €50 million, according to regulatory information.

The company was established by Spanish wealth manager BMBInvestment Management in 2015, according to a Sept. 28 report from Property Investor Europe. In , BMB acquired 11residential buildings in Barcelona in a €48 million deal, and the propertieswould reportedly form part of the new REIT.

Optimum Re has a €108 million portfolio comprising 13properties in Barcelona and one in Madrid, PIEsaid, citing listing documents. It added that the company will targetproperties worth €2 million to €10 million through off-market transactions.

According to BMB's website, OptimumRe is meant for institutional investors but is also open to private investorswith investments of more than €500,000.