Axia Real Estate is planning an initial public offering on the Madrid stock exchange this year, with an eye toward raising $491 million. It joins a list of Spanish property companies using the REIT structure to raise funds, with Merlin Properties being the most recent example.
The newly formed mortgage REIT backed by Barry Sternlicht, Starwood Property Trust Inc., plans to invest in existing commercial real estate debt, residential mortgages and other real estate-related financing on the heels of its successful IPO. The offering brought in $810 million. Share prices briefly fell after the offering but recovered to finish the day unchanged.