SANTO DOMINGO– Fiduciaria Popular, a subsidiary of Grupo Popular, launched the G-Patio02 Real Estate Securities Public Offering Trust – Patio de la Colombia –, which will place variable income real estate securities for a nominal amount exceeding US$21.1 million, intended for the general public and with a maturity date until tomorrow, October 21, 2044.
This trust was approved by the Superintendency of the Securities Market on November 15, 2022, with the number R-SIMV-2022-36-FOP and registered in the Securities Market Registry under number No. SIVFOP-009, explains a press release from the banking entity.
He adds that this is the sixth publicly offered trust that has the advice of the Investment Banking team of Banco Popular Dominicano, out of a total of eight trusts placed in the Dominican market from private capital.
The asset backing the new public offering trust is the two-level shopping center Patio de la Colombia, located on República de Colombia Avenue in Santo Domingo, with a total area of 7,532 square meters, which includes 33 commercial premises and seven advertising spaces.
Investors will benefit from quarterly returns based on the rents generated by the shopping center, which currently has a 94.6% occupancy rate. Furthermore, any appreciation in the value of the assets over time will contribute to these returns, without offering a fixed return, thus reinforcing the equity investment nature of the investment.
In May 2024, the trust received an Afo (N) rating, supported by a robust management structure and a high-quality tenant portfolio.
The asset is managed by Patio Capital Partners, a company specializing in the structuring and administration of real estate assets, which has 10 years of experience in the sector and experience managing Public Offering Real Estate Trusts.
A new milestone for the Popular Group
This is a new milestone for Grupo Popular, which supports the development of the Dominican Republic's stock market.
On one hand, the Investment Banking team of Banco Popular Dominicano acted as advisor to the trustor, while Fiduciaria Popular is the trust's administrator. For its part, Inversiones Popular serves as the placement agent or brokerage firm, guaranteeing the firm placement of the issue, and through which the shares, which will be available on the secondary market for interested parties, can be acquired.
Manuel E. Jiménez F., CEO of Grupo Popular, explained that “the structuring of this investment alternative demonstrates Grupo Popular’s experience and leadership in introducing dynamism into the stock market, offering investment options for different types of clients and also strengthening the real estate market.”.
