Revolt by the Spanish real estate sector against the Government’s proposal to abolish the tax regime for SOCIMIs. Colonial, the second largest Spanish real estate company listed on the Ibex, behind Merlin, has stated that the agreement reached between the two government parties, PSOE and Sumar, to eliminate the socimi regime in Spain “is very serious” and that If approved, its strategy and the location of its activities will be rethought.
In statements to Europa Press, its president, Juan José Brugera, regrets that if this measure materializes, it will turn Spain into a “prohibited territory” for international investment. «If the reform of the legal regime of SOCIMIs is approved, Colonial will reassess its investment strategy and the location of its activities and its legal structure, and will adopt, where appropriate, the measures that best suit the interest of its shareholders and investors, all with the aim that these potential measures do not have a negative impact on society,” the president assured.
«The changes that some propose are very serious. The socimi regime is nothing more than the adaptation to the Spanish case of the norm established in international markets. “These types of modifications turn the Spanish market into a prohibited territory for international investment.” In his opinion, the legal framework should protect companies that have opted to attract international investment, and make it compatible with the best social purposes.
In any case, Brugera defends that Colonial’s current business model is diversified in different geographies, with a relevant presence in the Paris market, which allows the group “great strength in scenarios of fragility of the regulatory framework.”
Although he believes that there is still no certainty regarding the change and considers that we must wait for its completion, the manager has stated that the company will rethink its strategy so that these measures do not have a negative impact, including the reevaluation of the location of their activities.
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