CORE SPAIN HOLDCO SOCIMI S.A.U. has its registered office at Paseo de la Castellana 93, 6th floor, Madrid, Spain.
The Company was incorporated on 11 February 2022 under the corporate name of FARNON INVEST, S.A. and later took the corresponding corporate decisions and made the relevant communications to the Spanish tax authorities required under the SOCIMI special tax regime, hence changing its name to the current one. This is further described in section 1.3.5. below.
CORE SPAIN is the sole shareholder of its only subsidiary, ACEF SPAIN PROPCO, SOCIMI S.L.U. (hereinafter “ACEF SPAIN”) which, on its turn invest in real estate assets in Spain.
The shareholder of CORE SPAIN is ACEF Holding S.C.A., a company validly established and in existence under the laws of Grand Duchy of Luxembourg, with registered address at boulevard Grand-Duchesse Charlotte 21, 1331 Luxembourg, registered at the Luxembourg’ Commercial Registry under number B203192 and Spanish Tax Identification Number N0185443I.
The Company’s objective is to maximize rental income by exploiting the potential of the asset it currently owns. As mentioned throughout this Information Document, ACEF SPAIN PROPCO – and thus the Company indirectly – owns a single residential portfolio in Madrid, comprised by dwellings, storage rooms, parking spaces as well as some retail units.
The Company’s business model consists of investing in residential properties assets (main/permanent home and not holiday rental given the nature of its fund – residential fund) intended for long-term leases to obtain revenues and improve values. Any potential future investment could either come from the existing subsidiary, or from incorporating/acquiring a new investee.
Neither the Company, nor its investee have any employees, and thus the widest powers rest upon the Board of Directors of the former, except for matters out of its purview, in which case would be the sole shareholder.
All the strategic, management and most relevant decision impacting the business plan, the activity or the assets are taken by the Board of Directors. The Company’s day-to-day activity – including property and asset management – is externally managed and ultimately overseen by the Board of Directors. Therefore, Company relies on the reputable experience of its external advisers to effectively manage its existing portfolio and maximize income rent.